Insurance

Vida Capital, Inc., the alternative investment manager and joint-venture partner in insurance-linked securities (ILS) asset manager Merion Square Capital LLC, has named a new Chief Investment Officer who will have oversight of the firms ILS and life settlement investment activities. Bill Tice, currently the investment managers Senior Managing Director, Marketing, Investor Relations and Business Development,…

Insurance and reinsurance market losses from the severe weather and natural catastrophe events that have struck Australia during its summer months are now thought to have surpassed A$5 billion (around US $3.35bn), according to the APRA Chairman. Speaking this morning in a statement made to the Senate Economics Legislation Committee of Australia, the Chairman of…

Reinsurance renewals are expected to see significant increases in pricing in both April and June, but the biggest increases are expected to be in Japan, while Florida is likely to rise more than in recent years, but still at a slower pace. As we explained before, the Japanese reinsurance renewals in April are likely to…

Marsh & McLennan Companies, the insurance and reinsurance focused risk, strategy and people professional services firm, has hired former FEMA Deputy Administrator Daniel Kaniewski for a role focused on Public Sector risk innovation. Kaniewski was most recently the Deputy Administrator for Resilience at the Federal Emergency Management Agency (FEMA). In that role he assisted in…

Insurance and reinsurance market losses from the Chilean riots that took place in 2019 are continuing to rise and the magnitude of the industry loss, as well as the fact their size and location has been relatively unexpected in some quarters, means reinsurers are likely to be looking for hedging solutions, Property Claim Services (PCS)…

Lockton Re, the reinsurance broking arm of the privately held and independent intermediary, has appointed a new senior Global Chairman in Ross Howard. Howard is most well-known for having been the Executive Chairman of reinsurance brokerage JLT Re, then becoming the Vice Chairman of Guy Carpenter after the acquisition of JLT by Marsh & McLennan…

The President of the World Bank Group David Malpass has highlighted the importance of financial preparation for pandemic emergencies, of the kind provided by the Pandemic Emergency Financing Facility (PEF), which is backed by insurance including the now much-discussed World Bank issued pandemic catastrophe bonds. With the two tranches of notes issued as part of…

The outstanding Loma Reinsurance (Bermuda) Ltd. (Series 2013-1) catastrophe bond, that was sponsored by global insurance and reinsurance group Argo, has once again had its maturity date extended further into the future. It’s yet another sign that losses continue to develop from the 2017 hurricane season, as that was seen to have been the most…

Risk modelling firm Corelogic said that the tornado outbreak that struck the Nashville, Tennessee area on March 3rd are likely to cause $1 billion or more of property damage once the impact is fully assessed. A line of severe thunderstorms coming up from the south struck the Nashville, Tennessee area on Tuesday morning, with a…