Insurance

SCOR, the global reinsurance company, has successfully priced its latest catastrophe bond Atlas Capital Reinsurance 2020 DAC (Series 2020-1) at its original target size of $200 million, but with pricing now at the top-end of an elevated guidance range. SCOR had originally returned to the catastrophe bond market in mid-March with its new Atlas Capital…

A shift from equities into alternative asset classes including insurance-linked securities (ILS) has helped to cushion the blow of the market volatility seen as a result of the Covid-19 coronavirus for the Healthcare of Ontario Pension Plan (HOOPP). The latest large Canadian institutional retirement fund to target the insurance-linked securities (ILS) market as a source…

The property and casualty (P&C) insurance industry loss from Covid-19 pandemic related claims is estimated in a range from $40 billion to as high as $80 billion by analysts at Dowling & Partners. The Dowling & Partners analysts put this estimate as their working assumption of the eventual claims load for the P&C insurance industry…

Chubb, the U.S. and global primary insurance carrier and reinsurance company, is classifying the Covid-19 pandemic as a catastrophe loss event and expects it to have a meaningful impact on earnings in the second-quarter. In announcing its first-quarter results yesterday, Chubb revealed just $13 million of pre-tax losses due to the impacts of the Covid-19…

French reinsurer SCOR has reported that it experienced a 6.6% increase in pricing across its book, while premiums underwritten rose by almost 6% as well, at the recent April 1st reinsurance renewals. SCOR has consistently sought to expand its reinsurance book at renewals in recent years, deploying more capacity at times where it feels it…

The New York Metropolitan Transportation Authority (MTA) has returned to the catastrophe bond market for the third time, seeking to sponsor an at least $100 million renewal of its soon to mature parametric cat bond coverage with a new MetroCat Re Ltd. (Series 2020-1) transaction. The transport operator had secured $125m of parametric New York…

Beazley, the specialist Lloyd’s focused insurance and reinsurance underwriting business, has revealed an expected Covid-19 claims burden of $170 million net of reinsurance across its business. We would expect some of that loss to be shared with investors backing the companies third-party capital arrangements. In a trading update today, Beazley said that its first-quarter result…

Germany headquartered reinsurance firm Hannover Re has withdrawn its profit guidance for 2020 due to the uncertainty over claims from the Covid-19 pandemic and the capital market environment. Hannover Re follows its rival Munich Re, which withdrew its full-year 2020 profit guidance at the start of this month. Hannover Re explained there is “increased uncertainty”…

Fronting insurance holding company Obsidian has announced the hiring of program underwriting specialist Dan Larkin as the firms new Chief Underwriting Officer. Obsidian Insurance Holdings, Inc. was launched last month as a fronting insurance holding company with $100 million of capital and a goal to become a conduit to connect risk with reinsurance and alternative…