Insurance
Two Florida carriers likely to head into receivership within days
Sources tell us that two Florida primary insurance carriers are likely to head into receivership and be deemed insolvent within a matter of days, with the regulator set to act perhaps as soon as Monday. The Florida Office of Insurance Regulation has been keeping a close watch on a number of Floridian carriers, as stresses…
Read MoreEverest Re books 20% reinsurance growth citing flight to quality
Global insurance and reinsurance group Everest Re has reported impressive growth of its reinsurance book in the third-quarter of 2020, as premiums written grew 20% and the company’s CEO said it is benefiting from a “flight to quality” in current “underwriter’s market” conditions. Everest Re looks likely to be one of the most expansive of…
Read MoreSecuris launches team to search for the next ILS opportunities
Securis Investment Partners, the London-headquartered insurance and reinsurance linked asset manager, has launched a new Insurance Solutions Group as it seeks to expand the range of insurance-linked securities (ILS) investment options available to it. The Securis Insurance Solutions Group will explore how life ILS structuring technologies can be put to work in the non-life space,…
Read MoreHurricane Zeta impacts reach far inland, loss to “well surpass $1bn” – Aon
Impacts and in particular wind damage from hurricane Zeta have spread far inland across the United States, bringing back memories of Isaias earlier this year. Impact Forecasting, the catastrophe risk analytics and meteorology unit of insurance and reinsurance broker Aon, said that insured losses from the storm that made landfall late Wednesday in Louisiana would…
Read MoreSwiss Re lifts COVID hit to $3bn, reports Q3 profit & strong P&C growth
Global reinsurance firm Swiss Re has reported a solid third-quarter of net income that has helped to narrow its group net loss for the first nine months of the year, despite further additions to its reserves for the COVID-19 pandemic that have now reached US $3 billion. Swiss Re has delivered positive net income of…
Read MoreAre Late, Wet Hurricanes Becoming a Trend?
By Max Dorfman, Research Writer, Insurance Information Institute Hurricane Zeta became the 11th named storm and 6th hurricane to hit the United States yesterday, as the extremely active 2020 Atlantic hurricane season continues. Zeta struck just one day before the eighth anniversary of Superstorm Sandy. Sandy was the deadliest and most destructive hurricane of…
Read MoreMangrove Insurance: Parametric + Indemnity May Aid Coastal Resilience
Earlier this year, I wrote about the role mangrove forests and coral reefs play in mitigating tropical storm damage and how insurance might help protect these critical resources. A recent Nature Conservancy study looks specifically at opportunities in mangrove protection and restoration and identifies where insurance could be used to support their resilience benefits. In…
Read MoreInvestors supportive of first indemnity mortality cat bond: Willis Re Securities
Insurance-linked securities (ILS) and catastrophe bond investors were supportive of the first mortality bond to feature an indemnity trigger, according to Willis Re Securities who structured and placed the deal. The $100 million La Vie Re Limited (Series 2020-1) catastrophe bond was completed recently, becoming the first extreme mortality bond for a U.S. direct underwriter…
Read MoreMetLife reinsures $320m of pension longevity risk for Rothesay Life
Metlife, Inc., one of the largest life and annuities insurance groups in the world, completed a second longevity reinsurance transaction in the UK market, reinsuring $320 million of pension liability related longevity risk for Rothesay Life. Metlife entered into the longevity reinsurance arrangement with Rothesay Life using its susbidiary Metropolitan Tower Life Insurance Company. Rothesay…
Read More