Insurance

White Mountains Insurance Group made good on its promise to allocate up to $50 million of capital into ILS funds under the management of Elementum Advisors, LLC, the insurance and reinsurance linked asset manager in which it acquired a 30% stake in 2019. White Mountains acquired a stake in ILS fund manager Elementum Advisors in…

Global reinsurance giant Swiss Re has selected a new Chairman of its Board in the outgoing CEO of bank UBS Sergio Ermotti, who will take over the position from Walter B. Kielholz next year. The news was first reported yesterday, that the CEO of the largest bank and money manager in Switzerland, UBS, is set…

Property Claim Services (PCS) will now provide industry loss data aggregation and index reporting for the entire Americas, from Canada to Argentina, with the launch of a Latin America service in response to client demand. PCS, a Verisk Analytics business, already provides loss aggregation and reporting solutions for property catastrophe risks across the United States,…

Speaking at the SIFMA Insurance and Risk Linked Securities Conference in Miami yesterday, former U.S. Congressman Jeb Hensarling explained that the ILS market has a “real opportunity” to assist the United States government in shifting more risk away from taxpayers. Hensarling explained that the insurance-linked securities (ILS) market and private insurance or reinsurance markets in…

Arch Capital Group, the Bermuda headquartered insurance and reinsurance specialist, has sponsored a new $76.5 million sidecar issuance through the special purpose insurer Voussoir Re Ltd., we understand. Almost a year ago we reported on a first $74 million issuance of notes by Voussoir Re Ltd., a collateralised reinsurance sidecar style vehicle which we understood…

The Japanese industry-loss warranty (ILW) market is recovering and set for growth, helped by the availability of PCS’ product in the region which is seeing increasing uptake. After two consecutive years of heavy typhoon related losses in Japan, retrocessional reinsurance market capacity has been dented. ILW’s structured against Japanese wind were tied up and held…

American Integrity has returned to the catastrophe bond market for what will be its fourth visit, as the company seeks to expand its capital markets backed sources of reinsurance against Florida named storms and hurricanes with a $125 million Integrity Re II Pte. Ltd. (Series 2020-1) transaction. American Integrity Insurance Company of Florida, Inc’s fourth…

Insurance and reinsurance firm Hiscox Group has announced an increase in gross written premiums within its reinsurance and ILS unit during 2019, but has warned that it’s unlikely to use of all its available capital in 2020 as rate increases remain below targets for the firm. The re/insurer announced in November of last year that…

Mexico’s latest World Bank supported catastrophe bond, the IBRD / FONDEN 2020 transaction, has now successfully secured $485 million of capital markets backed natural disaster insurance protection for the country, upsizing by 14% thanks to investor demand. The successful pricing of this latest World Bank facilitate catastrophe bond issuance means that the government of Mexico…