Insurance
McGill & Partners hires Nicky Payne for ILS broking push
McGill & Partners, the boutique risk solutions firm launched by former Aon President Steve McGill, has hired Nicky Payne, previously active underwriter of the Credit Suisse Insurance Linked Strategies owned Lloyd’s syndicate Arcus 1856. Having worked in senior insurance and reinsurance broking roles in London for Howden and Aon before, Payne transitioned to the insurance-linked…
Read MoreSecurian becomes first U.S. direct life insurer to sponsor a mortality cat bond
Securian Financial recognises the capital efficiencies gained from becoming the first U.S. direct writer of life insurance to tap into the capital markets for reinsurance protection using a mortality catastrophe bond, after its $100 million La Vie Re Limited (Series 2020-1) transaction completed. The La Vie Re mortality catastrophe bond transaction now provides Securian Financial…
Read MoreGlobal Atlantic puts Ivy Re sidecar to work in $5.7bn annuity reinsurance deal
Leading United States life, retirement and annuities insurance and reinsurance company Global Atlantic has put its co-investment vehicle named Ivy, which operates as a kind of sidecar structure, to work in a $5.7 billion annuity reinsurance deal with American Financial Group affiliate, Great American Life Insurance Company. It’s the first time the Ivy Re reinsurance…
Read MoreReinsurance hard market could be sustained for multiple years: Jefferies analysts
Reinsurance pricing may remain in a hard market for multiple years, according to analysts at Jefferies who believe dented capacity and still trapped ILS collateral can sustain current market conditions. Taking a lead from Munich Re’s recent Baden Baden replacement presentation in which the reinsurance giant said that global reinsurance capital has fallen by an…
Read MoreHurricane Zeta forecast for northern Gulf Coast landfall on Wednesday
Zeta intensified into a hurricane prior to making landfall on Mexico’s Yucatan peninsula and while it may emerge back into the Gulf of Mexico a little weaker, the forecast suggests hurricane Zeta will approach the Louisiana region of the northern Gulf Coast for a Wednesday landfall. Still hurricane Zeta according to the NHC with 75…
Read MoreZaffino named CEO, as AIG announces $790m of Q3 catastrophe losses
Insurance giant American International Group, Inc. (AIG) will have a new CEO, as Peter Zaffino takes over as expected, while Brian Duperreault moves to become Executive Chairman of the company. In a day of announcements, AIG has also pre-announced $790 million of catastrophe losses from the third-quarter of 2020, $185 million of which are related…
Read MoreA COVID-19 Vaccine Is Precious Cargo
By John Miklus, President, American Institute of Marine Underwriters (AIMU) While it’s not a panacea, a vaccine for COVID-19 is expected to go a long way toward reducing the number of cases and slowing transmission of the virus. Development and testing is moving at a frenetic pace, meaning that in the not too distant future…
Read MoreLatest “Lightning Round” Highlights Resilience Hack-a-Thon Winners
Last week’s Lightning Round III: Products and Services for Disaster and Risk Mitigation featured presentations by four teams of entrepreneurs who have developed products to boost societal resilience and mitigate natural disaster risks. This was the third time this year that Triple-I and its Resilience Accelerator, ResilientH20 Partners and The Cannon, have connected entrepreneurs with leading…
Read MoreAn “underwriting driven” hard market: Gallagher
The current market environment is not a traditional hard market, according to insurance and reinsurance broking, risk management and servicing group Arthur J. Gallagher, as this is an “underwriting driven” hard market, where carriers are being forced to ensure they can deliver a profit from their underwriting sides going forwards. That’s one of the best…
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