Insurance

Absent some kind of government intervention that forces a raft of claims into the insurance and reinsurance industry, David Flandro, Managing Director of Hyperion X Analytics, believes that there is no reason to expect the industry loss from Covid-19 will reach the levels of a large catastrophe loss year. Speaking with analysts from Morgan Stanley…

Heritage Insurance Holdings, Inc., the Florida focused property and casualty insurer, has benefited from more reinsurance recoveries under its Citrus Re catastrophe bond series of deals, with more tranches seeing principal reductions, one of which has now been allowed to mature. Heritage has been making reinsurance recoveries under some of its older catastrophe bonds, as…

Sompo International, the Bermuda headquartered specialty property and casualty insurance and reinsurance provider, is exiting the Lloyd’s market, saying that while it aims for significant growth in London and Europe it feels a consolidated company market platform is the way to go. The move will see Sompo International halt all underwriting within the Lloyd’s of…

Tremor Technologies Inc., the technology-based programmatic risk transfer marketplace provider, has already cleared a trade in just the second holding of its new weekly auctions of industry loss warranties (ILW’s). Tremor launched the weekly online industry loss warranty (ILW) auctions from April 2nd 2020, aiming to bring together protection buyers with reinsurance and retrocession capacity…

Global Parametrics, the parametric and index-based disaster risk transfer company, is putting capacity from the Natural Disaster Fund (NDF) that it manages behind a new weather insurance pilot for coffee farmers in Costa Rica that is powered by Arbol’s technology and smart contract driven marketplace for weather risk transfer. To launch this pilot weather risk…

Draft legislation to form a U.S. Federal government backed reinsurance program for pandemic insurance claims is under discussion in the halls of power, with a bill perhaps ready to be submitted to the House before the end of this month. As we explained back on March 25th, the U.S. House Financial Services Committee called for…

Insurance and reinsurance firm Hiscox Group has stated that none of the insurance-linked securities (ILS) funds under management of its Hiscox Re Insurance Linked Strategies Ltd. unit hold any exposure to the insurers UK SME business policies, which are the subject of some legal claims as a result of the coronavirus pandemic. A number of…

Catastrophe bond market liquidity continues to feel the effects of the coronavirus pandemic, with liquidity still slow as evidenced by another bid lists of cat bonds available for sale failing to fully trade, our sources said. As we’ve explained in recent coverage, the catastrophe bond asset class has again demonstrated the liquidity benefit it offers…

Bermuda’s latest addition to its insurance-linked securities (ILS) offering is the much discussed Collateralised Insurer classification of company, which Brad Adderley, Partner at law firm Appleby Bermuda, recently explained will enable ILS funds to target a broader range of cedents. Speaking to A.M. Best TV at our New York insurance-linked securities (ILS) market conference, ILS…