Insurance
PG&E gains $23bn financing approval to fund bankruptcy settlement
Pacific Gas and Electricity (PG&E), the wildfire stricken California focused electrical utility operator, has been approved to secure $23 billion of financing to assist in paying its bankruptcy related settlements, which may further accelerate the awaited subrogation payments it owes rights holders. Yesterday the bankruptcy court approved PG&E to secure and use up to $23…
Read MoreTyphoon Hagibis loss development better than feared: Analysts
According to analysts, loss development from last year’s Japanese typhoon Hagibis is not following the same path as 2018’s Jebi, with the current prognosis being that development is much better than feared. After the industry-wide experience with 2018’s typhoon Jebi and the resulting slow, creeping loss development, the insurance, reinsurance and insurance-linked securities (ILS) markets…
Read MoreNo coronavirus contagion for the catastrophe bond market: Seo
It’s business as usual in the catastrophe bond market despite the global crisis of the Covid-19 coronavirus outbreak, according to John Seo, Co-Founder and Managing Director of Fermat Capital Management. Commenting in a recent communication to his investors on the coronavirus outbreak, its effects on global financial markets and whether that has affected catastrophe bonds,…
Read MoreAspen moderates appetite for U.S. and Japanese catastrophe risk
Bermuda headquartered insurance and reinsurance group Aspen Insurance Holdings Limited has adjusted its risk appetite for certain exposures following recent catastrophe loss challenges. In reporting its annual results this week, as our sister site covered earlier today, Aspen revealed $143.2 million of catastrophe losses for 2019, much lower than 2018’s $262.9 million and which the…
Read MoreAllstate’s new Sanders Re II cat bond sees higher pricing for riskier tranche
Price guidance for U.S. primary insurance giant Allstate’s latest catastrophe bond issuance, the $250 million target Sanders Re II Ltd. (Series 2020-1) transaction, has moved higher for the riskier layer of notes, we understand. The eleventh catastrophe bond sponsored by Allstate that we have listed in our extensive catastrophe bond Deal Directory, this new transaction…
Read MoreAmerican Integrity’s target for Integrity Re II cat bond lifts to $150m
Insurer American Integrity has lifted its target for its latest catastrophe bond, with the Integrity Re II Pte. Ltd. (Series 2020-1) transaction now aiming to secure the company up to $150 million of multi-year catastrophe reinsurance protection. The Integrity Re II 2020 deal launched at the beginning of the month, with American Integrity looking to…
Read MoreAICPA proposes guidance on insurance accounting
The American Institute of CPAs’s Financial Reporting Committee released working drafts of two pieces of implementation guidance for the Financial Accounting Standards Board’s long-duration insurance contracts standard. Original Article Posted at : https://www.accountingtoday.com/news/aicpa-proposes-guidance-on-insurance-accounting
Read MoreEverest Re promotes Mango to Chief Risk Officer and Chief Actuary
Everest Re, the global re/insurer and third-party reinsurance capital manager through its Mt. Logan Re Ltd. vehicle, has promoted well-known industry executive Don Mango to the roles of Chief Risk Officer and Chief Actuary. Mango joined Everest Insurance in September 2018, taking on the role of Global Head of Actuarial Pricing and Modeling and responsibility…
Read MoreMultiStrat acquired by Canopius
Multi-Strat Holdings Ltd., the Bermuda based holding company that underwrites casualty and longer-tailed reinsurance and arranges casualty insurance-linked securities (ILS) transactions, has been acquired by Canopius Group Limited. Canopius, the global specialty insurance and reinsurance group headquartered in London, is making a majority acquisition of MultiStrat, but the MultiStrat brand will live on in the…
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