Insurance

Kairos Acquisition Corp., the new insurance, reinsurance and insurtech focused Special Purpose Acquisition Company (SPAC), or blank check company, that Hudson Structured Capital Management Ltd. is behind, has increased the size of its initial public offering by 20% to raise $240 million. We covered the news in December, that Hudson Structured Capital Management, the Michael…

At the January 2021 reinsurance renewals, property rate increases were seen to be at the lower end of expectations, while property retrocession rates also didn’t firm as much as anticipated, broker Guy Carpenter has confirmed. Despite the push for broad reinsurance market hardening at the renewals, as we’d been explaining in our coverage as the…

Australian primary insurance group IAG has successfully renewed its catastrophe reinsurance tower to provide it with the same $10 billion level of occurrence coverage as it had for the prior year, citing only “modest” increases in rates at the renewals. IAG enters the new calendar year with a $10 billion main catastrophe reinsurance cover, placed…

Zurich North America, a division of the global insurance and reinsurance firm Zurich, has launched a new product to provide insurance protection for weather related non-physical impacts to the construction industry in the United States. The parametric insurance product is designed to fill gaps in traditional builders insurance policies, where physical damage from weather loss…

The Pioneer ILS Interval Fund, a dedicated insurance-linked securities (ILS) focused mutual investment fund strategy managed by Amundi Pioneer Investment Management, added almost 11% to its total net assets in the last quarter of record, while reporting an impressive 7.7% return for the full-year. More impressive still is the fact that Amundi Pioneer’s flagship dedicated…

Close to US $20 billion of new capital was raised by the global reinsurance market and new start-up entrants in 2020 and there is more to come in 2021, as the need for capital persists, according to David Flandro of HX Analytics. Thanks to its ability to raise fresh capital, the reinsurance market was not…

The insurance-linked securities (ILS) market and in particular catastrophe bonds demonstrated their resiliency around the key 1/1 January reinsurance renewals, with significant capital attracted to new cat bond issues, Guy Carpenter has said. The global reinsurance market ended the year with some US $397 billion of traditional capital, which is slightly up on year-end 2019,…

It turns out that MS Amlin was the sponsor behind the recently completed Phoenix 1 Re Pte. Ltd. (Series 2021-1) collateralised reinsurance sidecar transaction, which appears to have been the first sidecar to be solely focused on Asian property catastrophe risks. MS Amlin said today that its Singapore based subsidiary MS Amlin Asia Pacific Pte.…

The January 2021 reinsurance renewals were a more complex affair, which resulted in a trend to more non-concurrency in placements, according to broker Guy Carpenter. Which we believe suggests a need for the reinsurance market to embrace modernisation in the renewal process sooner, rather than later. Despite an earlier start to the January 2021 renewals…