Insurance
Weather risk & renewables specialist GCube acquired by Tokio Marine HCC
Tokio Marine HCC, the specialty insurance players, has acquired GCube, a managing general agent (MGA) and underwriter focused on the renewable energy sector as well as weather risk transfer products. GCube has a track record of underwriting weather risk transfer on a parametric and index basis for the energy sector and had also been linked…
Read MorePool Re secures largest retro program yet in $3bn+ renewal
UK government backed mutual terrorism reinsurance firm Pool Re has secured its largest retrocession program yet, buying a UK £2.4 billion (US $3 billion plus) aggregate excess of loss tower from private markets. The program was led by reinsurance giant Munich Re, while Hannover Re also provided a significant part of the coverage. Overall, Pool…
Read MoreCyber modeller Kovrr adds John Butler of Cohen & Co. to advisory board
Cyber risk modelling company Kovrr has added new insurance, reinsurance and insurance-linked securities (ILS) expertise to its advisory board with the addition of John Butler, Head of Cohen & Company’s U.S. Insurance Asset Management Platform and Global ILS Program. Butler has worked in the reinsurance and insurance-linked securities (ILS) space during his career and will…
Read MoreClimate change could drive extreme weather losses 40% higher: Researchers
Economic losses from extreme weather related events could increase by 40% by 2040 due to the influence of climate change, according to researchers. Researchers from the Cambridge Centre for Risk Studies found that climate change could add some $100 billion of additional losses to extreme weather events globally, with an increase of 20% by 2040…
Read MoreProperty market loss from Australia’s January hailstorms A$670m: PERILS
The property insurance market loss from the severe hailstorms that struck the southeastern region of Australia in January has been preliminarily estimated at A$670 million by PERILS AG. The Zurich based, industry backed estimator of catastrophe insurance and reinsurance market losses only includes property insurance related losses, so does not report on motor or other…
Read MorePGGM adds private quota share with Swiss Re through Viaduct Re Ltd.
PGGM, the Dutch pension fund administrator and investment manager that has become the largest single source of assets in the insurance-linked securities (ILS) market, added a private quota share arrangement with reinsurance giant Swiss Re in 2019, using a special purpose insurer (SPI) named Viaduct Re Ltd. Last month we reported that PGGM had made…
Read MorePartnerRe sale to Covéa agreed at $9bn by Exor
An agreement on the sale of PartnerRe has been reached between EXOR, the Agnelli family owned holding company investor, and French insurance group Covéa. Covea will acquire reinsurance firm PartnerRe for $9 billion, delivering a healthy return on the investment made by Exor, the Italian holding company and investment entity of the Fiat owning Agnelli…
Read MoreILS funds could see some Coronavirus contingency claims leakage: von Herberstein
The insurance-linked securities (ILS) fund market does hold some exposure to contingency related risks, including from event related exposures, which means there is a chance of some claims leaking to ILS funds from coronavirus triggered claims, Hudson Structured partner Edouard von Herberstein said today. Speaking at the SIFMA Insurance and Risk Linked Securities conference held…
Read MoreILS funds face challenge to accurately value PG&E settlement: KPMG
Insurance-linked securities (ILS) fund managers, as well as other managers of third-party capitalised reinsurance and retrocesion vehicles, face a particularly significant challenge when it comes to accurately valuing the PG&E wildfire related subrogation settlement in their funds, the actuarial team at KPMG highlighted. As we’ve covered previously, Californian electrical utility PG&E has agreed an $11…
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