Insurance

The price guidance has been lowered for Tokio Marine & Nichido Fire Insurance Co’s fifth Kizuna Re catastrophe bond, making the $150 million Kizuna Re III Pte. Ltd. (Series 2021-1) transaction the latest to see its pricing fall during marketing. Every property catastrophe bond issued or priced so far in 2021 has seen its pricing…

The Progressive Corporation has revealed that its losses from the recent winter storms in the United States drove a $40 million reinsurance recovery for the firm, after claims exceeded its occurrence retention. Progressive’s property insurance business reported a net catastrophe loss ratio of 47.4%, driving a combined ratio for that segment of 143.7% for February…

RenaissanceRe Capital Partners, the newly rebranded home of third-party capital management and insurance-linked securities (ILS) at Bermuda reinsurance firm RenaissanceRe (RenRe) has hired Roger Beach from Aon, as a Senior Analyst focused on investor relations. Beach joined RenaissanceRe Capital Partners in February as a Senior Analyst, based in Bermuda. He will be reporting into Laura…

Global Parametrics and specialist flood risk modeller Fathom have partnered to develop a global parametric flood index that can be used in triggers of risk transfer, insurance and reinsurance arrangements. Global Parametrics is set to utilise high resolution data from Fathom to create the new flood risk index, significantly reducing basis risk for clients. The…

German reinsurance giant Munich Re said that it is expecting its losses from the recent US winter storm and extreme freezing weather event to be in the mid hundreds of millions of Euros. The reinsurance carrier is the first major player to disclose anything on the recent winter weather event, mentioning its expectations for claims…

Insurance and reinsurance industry catastrophe claims are likely running around 34% above the 10-year average for the year-to-date thanks to the significant contribution from US winter storms and freezing weather, according to analysts at Jefferies. In its latest update on catastrophe and weather losses facing the insurance and reinsurance industry, the analyst team from the…

The CATCo Reinsurance Opportunities Fund Ltd., the stock exchange listed retrocession focused strategy managed by Markel CATCo and in run-off at this time, has now seen $271.3 million of capital returned to its investors since its run-off began. The $271.3 million of capital has been returned to shareholders in the CATCo retro fund through means…

US severe thunderstorm activity and severe convective weather looks set to escalate as we move into the second-half of March, reinsurance broker Guy Carpenter has warned. A multi-day period of severe weather is forecast for the US south and southeast, which the reinsurance broker warns has the potential to bring damaging severe thunderstorms, as well…

The average return of the insurance-linked securities (ILS) fund market was only 0.13% in January 2021, as pure catastrophe bond funds outpaced those invested in private ILS, according to the Eurekahedge ILS Advisers Index. Pure cat bond funds returned 0.29% as a group in January, which was a reasonable start to the year for these…