Insurance
January 2021 reinsurance renewals: Less firm than forecast?
It appears we’re heading quickly towards a familiar reinsurance renewals story, where the ambition to capitalise on rate increases and subsequent inflows of capacity are now serving to ramp up competition. As a result, market sources expect pricing at the January 2021 reinsurance renewals will not be as hard as forecast back in September or…
Read MoreNicaragua gets parametric insurance payout for hurricane Iota from CCRIF
Having already received a $10.7 million payout under its parametric tropical cyclone policy after hurricane Eta from the CCRIF, Nicaragua has now also received a payout for a second Category 4 storm, hurricane Iota. The CCRIF SPC (formerly known as the Caribbean Catastrophe Risk Insurance Facility) provides a range of parametric catastrophe insurance products to…
Read MoreESG survey finds gap between its perceived importance & actual practice
While the recent survey we conducted alongside Synpulse, looking at the adoption of environmental, social, and governance (ESG) practices in the risk transfer, reinsurance and insurance-linked securities (ILS) markets, found that ESG is perceived as very important, there is an evident gap between perception and actual practice. During the third-quarter of 2020 we teamed up…
Read MoreAlphabet’s second Phoenician Re cat bond priced above mid-point
The second catastrophe bond issuance from Alphabet, Inc., the holding company for tech giant Google and its units, has now been priced and the coupon for the $95 million Phoenician Re Ltd. (Series 2020-2) transaction has been fixed above the mid-point of guidance. Alphabet’s first catastrophe bond issuance, the Phoenician Re Ltd. (Series 2020-1) transaction…
Read MoreILS backed reinsurers Kelvin Re & Humboldt Re placed under review by AM Best
Following the news that Guernsey based, Credit Suisse Insurance Linked Strategies supported reinsurance firms Kelvin Re and Humboldt Re are to cease underwriting new business, rating agency AM Best has placed their ratings under review with negative implications. As we explained yesterday, the two Guernsey domiciled reinsurance vehicles that are backed by investors and funds…
Read MoreConstant flow of new sponsors required for more dynamic cat bond market: Fitch
In light of a marketplace that had slowed its growth trajectory somewhat in recent years, Fitch has underlined the need for a sustained inflow of new sponsors to drive a more dynamic, growing catastrophe bond and insurance-linked securities (ILS) sector. According to Fitch, a constant flow of new sponsors has not occurred with regularity in…
Read MoreInsurance Industry Charitable Foundation Annual Benefit 2020
Please join the Insurance Industry Charitable Foundation (IICF) on December 9, at 6 p.m. ET, for their annual benefit event highlighting the insurance industry’s charitable work in communities and honoring the philanthropic leadership of Gallagher Global. To view details about the virtual program click on this link. On the evening of the program, you will…
Read MoreCredit Suisse ILS’ reinsurers Kelvin Re & Humboldt Re to stop writing
The two Guernsey domiciled, rated reinsurance carriers managed by and backed by capital from the Credit Suisse Insurance Linked Strategies Ltd. team, Kelvin Re and Humboldt Re, are not renewing any business this January and will stop writing. We understand that the decision was taken at a Board meeting recently and staff at the reinsurance…
Read MoreNew PFIC regs active conduct test excludes ILS funds & structures
A new set of guidance on the treatment of passive foreign investment companies (PFICs) published at the end of last week by the U.S. Internal Revenue Service and Department of the Treasury has been modified so that the active conduct test excludes insurance-linked securities (ILS) funds, as well as other ILS and reinsurance securitization structures.…
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