Insurance

Broker Willis Re has requested markets, both traditional and ILS providers of reinsurance and retrocession, consider offering automatic extensions of in-force contracts  by two months at the cedent’s discretion due to possible delays caused by the coronavirus to smooth the renewal process, but this is something that capital markets collateralised players would find particularly challenging…

Japanese primary insurer Mitsui Sumitomo, an MS&AD Holdings insurance company, has successfully secured its targeted upsize for its new catastrophe bond, the Akibare Re Pte. Ltd. (Series 2020-1) Japan typhoon and flood risk transaction, with the deal set to provide the firm $100 million of reinsurance. Mitsui Sumitomo came back to the catastrophe bond market…

A new approximately $18.3 million Asagao II Japanese private catastrophe bond transaction has come to market using the Aon Insurance Managers operated segregated accounts company White Rock Insurance SAC. The transaction is the second Asagao private catastrophe bond to be issued using insurance and reinsurance broker Aon’s Bermuda domiciled Class 3 and Class C insurer…

The catastrophe bond market is once again demonstrating its financial liquidity, as secondary trading volumes have risen driven by certain investors looking to sell their positions at a time when volatility in the broader financial markets is extremely high due to the coronavirus pandemic. Catastrophe bonds have demonstrated their liquidity benefits for investors before, of…

As the reinsurance and insurance-linked securities (ILS) community adapts to full remote operations and working from home, this industry that has thrived on face-to-face contact now needs to rapidly embrace the electronic trading and risk transfer tools that are available to it. In these uncertain and challenging times, as the Covid-19 coronavirus outbreak continues to…

The Bermuda Monetary Authority (BMA) is making allowances for insurance, reinsurance and insurance-linked securities (ILS) company filings to be a little later and for physical board meetings on the island to not be required, in response to the Covid-19 coronavirus outbreak. The financial market regulator for Bermuda, the BMA activated a business continuity plan on…

Japanese domestic insurers have now paid out roughly US $9.2 billion in claims related to typhoon Faxai, typhoon Hagibis and the heavy rainfall event that closely followed these storms, which is an increase of 35% on figures released in December by the General Insurance Association of Japan (GIAJ). In its latest update on these recent…

U.S. primary insurance giant Allstate has now priced, according to sources, and will provide the company with a $250 million source of both per-occurrence and annual aggregate multi-peril reinsurance protection across a four-year term. The Sanders Re II Ltd. (Series 2020-1) transaction hit its $250 million target for Allstate, delivering the insurer the capital markets…