Insurance
RGA expects first Langhorne Re deal “in due course” – CEO Manning
Reinsurance Group of America (RGA) remains confident that its joint-venture, third-party capital backed life and annuity reinsurance firm Langhorne Re will secure its first transaction “in due course”, according to the company’s CEO Anna Manning. Speaking with analysts from Credit Suisse recently, Reinsurance Group of America (RGA) displayed optimism that Langhorne Re could close its…
Read MoreCOVID-19: Impact on Auto Insurance
Triple-I’s chief actuary, James Lynch, gave this talk on the changes that COVID-19 is bringing to the automobile insurance business, at the American Academy of Actuaries Annual Meeting last week. “Thanks for inviting me to be part of such an august panel. I wanted to spend a few moments talking about what Insurance Information Institute…
Read MoreDerecho claims paid pass $1.6bn in Iowa: Regulator
More than 200,000 insurance claims have now been reported in the state of Iowa due to damage caused by August’s severe Derecho storm event in the Midwest United States. With overall insurance and reinsurance market losses from the derecho event expected to reach as high as $5 billion, the insurance regulator in Iowa has now…
Read MoreCat bond market benefiting from a “flight to simplicity” in ILS
The flight to quality in the insurance-linked securities (ILS) market has been well-documented, as some investors have opted to shift allegiance to ILS fund managers that are deemed higher quality, due to their longevity, track-records, or affiliations. But now we can add to that a “flight to simplicity”, coined by RenaissanceRe CEO Kevin O’Donnell recently,…
Read MoreILS to become increasingly efficient, larger, more robust, say experts
Over the next five years, the insurance-linked securities (ILS) market is going to be larger as it spreads beyond the property arena, while frictional costs are anticipated to decline against a backdrop of growing investor interest. This was the message from ILS and re/insurance industry experts that took part in Munich Re’s 12th ILS Roundtable,…
Read MoreGoogle parent Alphabet turns to cat bonds for earthquake insurance
Alphabet, Inc., the holding company for Google and its many units, has entered the catastrophe bond market for the first time, as the technology giant seeks $237.5 million of earthquake insurance protection that will be fully collateralized through the issuance of a Phoenician Re Ltd. (Series 2020-1) cat bond transaction to capital market investors. The…
Read MoreMiller to be acquired by PE investor Cinven & sovereign wealth fund GIC
Miller Insurance Services LLP, the wholesale and London broker majority owned by Willis Towers Watson (WTW), is to be acquired by private equity specialist investor Cinven and Singapore’s sovereign wealth fund GIC. Strategic alternatives for ownership of insurance and reinsurance broker Miller have been under consideration since earlier this year, the company and its majority…
Read MoreAIG reports slight dip in AlphaCat ILS assets, but higher investment fee income
American International Group’s (AIG) insurance-linked securities and collateralised reinsurance investment manager entity, AlphaCat Managers, saw a slight decline in ILS assets under management during the third-quarter of the year, but delivered its parent improved investment fee income. AlphaCat Managers ended the second quarter with $4.3 billion of total ILS assets under management (AuM), $4.2 billion…
Read MoreAllied World sponsoring first cat bond, a $150m 2001 CAT Re deal
Allied World Assurance Company (AWAC), a global insurance and reinsurance company and part of the Fairfax Financial group, is set to sponsor its first ever catastrophe bond, with a $150 million targeted issuance of this new 2001 CAT Re Ltd. (Series 2020-1) multi-peril transaction. Allied World is seeking retrocessional reinsurance style protection from its first…
Read More