Insurance
Aetna’s twelfth Vitality Re health ILS to price at top of guidance
Reflecting the fact insurance-linked securities (ILS) and catastrophe bond investors continue to have minimum return requirements, the pricing on Aetna’s twelfth and $200 million health insurance linked ILS deal, the Vitality Re XII Ltd (Series 2021) transaction, is likely to settle at the top-end of guidance. When the latest Vitality Re deal from Aetna hit…
Read MoreVirtual Triple-I Forum Reviews 2020, Looks Ahead at Risks, Opportunities
Sean Kevelighan, Triple-I CEO Insurance is a business that promotes and demands resilience, and 2020 was a year-long case study in our industry’s ability to respond rapidly to new challenges from a firm financial foundation. Triple-I’s virtual Joint Industry Forum (JIF) provided many examples from a range of industry and academic leaders, along with insightful…
Read MoreOTT Risk to fill business interruption coverage gap using advanced tech & ILS
A new start-up aims to enhance the economic resilience of the world’s businesses, by filling business interruption coverage gaps using advanced technology such as machine learning and by leveraging insurance-linked securities (ILS) structures to connect this emerging risk class with capital market investors. David Soloff, a co-founder of global economic monitoring platform Premise Data, as…
Read MoreAggregation uncertainty over UK BI ruling and reinsurance losses: Fitch
The recent ruling from the UK Supreme Court, that found largely in favour of insurance policyholders in the Financial Conduct Authority’s (FCA)’s business interruption insurance test case appeals, is not expected to drive significant additional losses through to reinsurance, Fitch Ratings has said. While some reinsurance panels will definitely be affected, the overall impact is…
Read MoreRenRe returned some capital to Upsilon investors at 1/1: CEO O’Donnell
RenaissanceRe, the Bermuda-based reinsurance firm and third-party capital management specialist, held true to its forecast and returned some capital from its Upsilon collateralized reinsurance and retrocession vehicle to investors around the renewals, underwriting a slightly smaller portfolio for the vehicle as a result. RenaissanceRe’s (RenRe) CEO Kevin O’Donnell revealed this during his firms earnings call…
Read MoreAXIS falls to loss, third-party capital fee income slides further
AXIS Capital, the Bermuda-based globally-active insurance and reinsurance company, has reported a net loss for the fourth-quarter and full-year 2020, as improved underlying accident year combined ratios couldn’t offset significant catastrophe and COVID-19 losses. AXIS Capital reported a net loss of $5 million and operating loss of $16 million for Q4 2020 and a net…
Read MoreCATCo retro fund rises 7% on reduced 2017 wildfire claims (subrogation?)
Some shareholders in the CATCo Reinsurance Opportunities Fund Ltd., Markel CATCo Investment Management’s listed retrocession focused investment fund, have benefited from a reduction in claims related to California’s 2017 wildfires, perhaps suggesting a subrogation recovery has made its way through to the portfolio. The in-run off retrocessional reinsurance focused investment fund’s manager Markel CATCo said…
Read MoreILS fund manager Gildenbrook launched with $850m of capital by Brookman
The Gildenbrook Group has been founded by experienced ILS industry executive Daniel Brookman and has today launched Gildenbrook Capital Management Ltd., an independent alternative investment fund manager focused on the insurance-linked securities (ILS) asset class. Brookman most recently led alternative reinsurance and ILS activities at re/insurer AXA XL, before which he worked at reinsurance firm…
Read MoreLouisiana insured hurricane losses reach $7.7bn in 2020: Commissioner
Hurricane impacts to the State of Louisiana during the record-breaking 2020 season are estimated to have driven $7.7 billion of insurance and reinsurance market losses. The State’s Insurance Commissioner Jim Donelon said that insurers have now either paid or reserved $7.7 billion on claims received through the end of 2020, from hurricanes Laura, Delta and…
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