Insurance

For primary insurance carriers, having a dependency on reinsurance during challenging years characterised by catastrophe and severe weather losses, is not necessarily negative, as it can be a critical in enabling prompt claims payment, rating agency Demotech has said. Having an appropriate level of reinsurance protection in place should not be viewed negatively, as it…

As the world continues to deal with the effects of the COVID-19 pandemic, we remain locked-down at home and unable to hold in-person events, so sadly our fifth ILS NYC conference has to be virtually held. We’re still going to bring you the kind of forward-looking, constructive discussions we know our audience enjoy, with a…

Central Asian countries will benefit from a better understanding of their natural disaster risks, which in time could lead to greater use of risk transfer, insurance and reinsurance capacity in the region, as the World Bank supports a multi-peril risk assessment project for the region. One of the first steps in moving towards sovereign disaster…

California electrical utility Southern California Edison has agreed a $2.2 billion payout to settle all insurance subrogation claims from pending litigation related to the 2018 Woolsey Fire and expects to exhaust its remaining $700 million of wildfire coverage as a result. As we explained previously, following Pacific Gas and Electricity’s (PG&E) massive $11 billion settlement…

Heritage Insurance Holdings, Inc., the Florida headquartered and nationally expansive U.S. property casualty insurer, has pre-announced an expectation that it will report $41.5 million of catastrophe and severe weather losses for the fourth-quarter of 2020. At $28.6 million net of reinsurance and the like, the current year catastrophe losses that Heritage has pre-announced are higher…

Global insurance and reinsurance group Everest Re has pre-announced a range of charges being applied to its fourth-quarter and 2020 results, due to catastrophe losses, continued impacts from the COVID-19 pandemic and a $400 million reserve charge driven by social inflation trends in casualty lines. The company still says that it expects to report full…

The second parametric earthquake catastrophe bond Sierra Ltd. (Series 2021-1), sponsored by specialist mortgage security focused investment manager Bayview Asset Management, LLC, has now been successfully upsized to $200 million, while pricing for each of the two tranches of notes has settled at the bottom end of reduced guidance. The upsizing and low pricing of…

Universal Insurance Holdings, the Florida headquartered, nationally expansive primary insurance carrier, has announced the hiring of Jason Burns as the new President of its reinsurance intermediary Blue Atlantic. Burns joins Universal Insurance Holdings from his most position at Chubb Tempest Re where he has worked for over fourteen years. Blue Atlantic Reinsurance Corporation is Universal’s…