Insurance

The global risk transfer industry is poised for change amid a wave of disruption from numerous sources, a trend accelerated by the impacts of the Covid-19 pandemic and the emergence of SPACs, according to Michael Millette, the Founder and Managing Partner of specialist investment manager Hudson Structured Capital Management. Still relatively new, Special Purpose Acquisition…

US primary insurer Allstate has revealed a significant approximately $1.3 billion gross loss from the winter storms and severe winter freeze, primarily impacting Texas, which it warns mean its aggregate reinsurance will trigger, which is provided by its Sanders Re catastrophe bonds. Allstate said that the $1.3 billion of gross losses from the winter storms…

Insurance-linked securities (ILS) fund manager Integral ILS Ltd. has now formally launched its property insurance partnership with risk origination and distribution specialist Amwins, and has announced that Core Specialty is set to act as the policy issuer. The partnership between Integral ILS and Amwins had always been inevitable, as the strategic partnership had been in…

The AXA UK Group Pension Scheme has entered into a £3 billion longevity swap with reinsurance firm Hannover Re, in a new first for the longevity risk transfer market, a largely non-pensioner deal. Typically, longevity swaps have been focused on pensions in payment, so transferring the risk of longevity from active pensioners or beneficiaries of…

Market conditions and capital raising around the key January reinsurance renewals provided clear proof that investor interest in the insurance-linked securities (ILS) asset class remains real, according to Mathieu Halm, Head of Retrocession and Strategy at CCR Re. Perhaps more importantly though, the fact some of the capital raised was returned to investors, as opportunities…

RenaissanceRe, the Bermuda headquartered reinsurer and third-party reinsurance capital manager, is said to have a cautious stance on rate prospects for the upcoming Japanese renewals at April 1st, but a more optimistic outlook for the Florida and mid-year renewals. Morgan Stanley’s analyst research team said that the reinsurance company predicts a modest increase in April’s…

The North African country of Tunisia is to get World Bank support and funding to help it develop its catastrophe insurance market and cover people and assets against the impacts of disasters and climate-related events. Tunisia currently has a very low level of insurance penetration (around 2%) and so the World Bank, alongside the French…

Florida headquartered insurer Universal Insurance Holdings now looks likely to secures its first catastrophe bond, the Cosaint Re Pte. Ltd. (Series 2021-1) transaction, with pricing below the low-end of initial guidance, adding another cat bond deal to the list of those pricing down. As we said earlier today, every property catastrophe bond issued or priced…