Insurance
BBC pension gets £3bn longevity swap from Zurich & Canada Life Re
The BBC Pension Scheme has added new benefit security for members with the completion of a UK £3 billion plus longevity swap transaction, with the assistance of global insurance firm Zurich and global reinsurance firm Canada Life Re. The longevity swap arrangement will cover over £3 billion of pensioner liabilities for the BBC Pension Scheme,…
Read More2020 insured catastrophe losses estimated at $83bn by Swiss Re
According to global reinsurance firm Swiss Re, insured catastrophe losses in 2020 are estimated at US $83 billion so far, making this year the fifth costliest on-record for the industry. Around US $76 billion of the insured loss total is due to natural catastrophes, Swiss Re said, while man-made loss events contributed the other US…
Read MoreILS industry has good will towards ESG, but there’s more to do: Roundtable
Both the understanding and adoption of environmental, social, and governance (ESG) practices and compliance in the insurance-linked securities (ILS) industry is growing in prominence, but as noted by industry experts at a recent roundtable event, there’s more work to do. A group of experts from across the ILS, investment and broader risk transfer business met…
Read MoreBrit hails “strong response” to first cat bond from ILS investor community
Specialty insurance and reinsurance player Brit Ltd. has hailed the “strong response” from ILS investors to its debut catastrophe bond issuance, which helped the Sussex Capital UK PCC Limited (Series 2020-1) transaction upsize to $300 million. Brit’s debut cat bond completed yesterday, securing the company a $300 million source of multi-year named storm and earthquake…
Read MoreRising Interest Seen in Parametric Insurance
Parametric insurance appears to have received increased interest in 2020. A recent Artemis article says growing awareness of and demand for these products seems to be driven by this year’s pandemic-related volatility as insurers and insureds “are increasingly focused on solutions that can rapidly deliver cash and enable better business continuity.” According to the article,…
Read MoreNew Bonanza Re catastrophe bond could triple in size to $300m
The new Bonanza Re Ltd. (Series 2020-2) catastrophe bond issuance could triple in size, as the transactions upper target has been lifted to provide as much as $300 million of reinsurance protection for ARX Holding, the Progressive-owned parent of American Strategic Insurance Group. The Bonanza Re 2020-2 catastrophe bond will be the second of the…
Read MoreAon seeing “demand surge” for parametric risk transfer products
Insurance and reinsurance broker Aon said today that it is currently seeing a “demand surge” for parametric risk transfer products, as clients look for solutions that can rapidly deliver cash flow after loss events occur. Aon said that its Innovation and Solutions team, a specialist unit focused on innovative risk transfer structures including parametric transactions,…
Read MorePrice guidance drops on Hamilton’s Easton Re cat bond issuance
The new Easton Re Pte. Ltd. (Series 2020-1) catastrophe bond transaction that is being sponsored by Hamilton, the Bermuda based insurance and reinsurance holding company, has seen its coupon price guidance dropped during the marketing phase of the issuance, as investors once again demonstrate their appetite for risk from respected sponsors. This catastrophe bond is…
Read MoreRGA in £5bn longevity swap for Barclays UK pension scheme
Reinsurance Group of America (RGA) has provided the Barclays Bank UK Retirement Fund, a pension scheme and fund managing assets on behalf of UK employees of the bank, with a UK £5 billion longevity swap transaction. The Barclays pension explained today that entering into the longevity swap arrangement with global life and annuities focused reinsurance…
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