Insurance
Mexico’s cat bond program set for shake-up or cancellation, as FONDEN to close
Mexico’s Fund for Natural Disasters (El Fondo de Desastres Naturales), more commonly known as FONDEN, is set to be dismantled along with more than 100 other government funded public trusts, as lawmakers in the senate voted to reform this area of public funding. Lawmakers have railed against wasted public spending across the 109 public trusts…
Read MorePandemic risk bigger than reinsurance & ILS markets alone: Schultz, Aon
Pandemic risk insurance and reinsurance needs a new paradigm of how we access capital markets for risk bearing capacity, as it is bigger than just the reinsurance and insurance-linked securities (ILS) markets we know of today. The capital markets will need to play a role and that’s much broader than just the alternative reinsurance capital…
Read MoreInsurance Careers Corner: A few minutes with Kristian Ottesen, intern, CNA Brokerage Strategy team
By James Ballot, Senior Advisor, Strategic Communications, Triple-I It’s an understatement to say that the COVID-19 pandemic has affected all areas of our personal and professional lives. Amid widespread disruption, however, people are finding ways to overcome the distance of “social distancing” and to make remote work seem less, well, remote. Insurance business summer internships…
Read MoreCyber ILS need to be repeatable, scalable & sensible: Johansmeyer, PCS
The increasingly sophisticated participants within the insurance-linked securities (ILS) market aren’t going to lap up just any cyber exposure that comes their way, the deals have to make sense, according to Tom Johansmeyer, Head of PCS. Cyber risk is a rapidly growing exposure which can accumulate in ways that suggests the potential for truly significant…
Read MoreAbove average 2020 catastrophe losses driven by frequency: Jefferies
Insured catastrophe losses around the globe continue to run ahead of average for 2020 after September, analyst firm Jefferies said, explaining that because frequency appears to be the main driver of losses this year it is likely primary carriers will retain a significant proportion of the costs so far. However the pressure on aggregate reinsurance…
Read MoreRoot, the auto insurtech targeting a $1bn+ IPO, uses ILS for aggregate reinsurance
Root Insurance, the auto insurtech company, has said in its initial public offering (IPO) documentation that it uses insurance-linked securities (ILS) backed reinsurance capacity to help it manage volatility in its business. Root Insurance is looking to raise just over $1 billion, including concurrent private placements related to the IPO, which could value the insurtech…
Read MoreGenworth back for second mortgage ILS, $350m Triangle Re 2020-1
Genworth Mortgage Insurance, the mortgage insurer subsidiary of Genworth Financial, is back in the capital markets for its second mortgage insurance-linked securities (ILS) issuance, with a $350 million Triangle Re 2020-1 Ltd. deal. Genworth first tapped the capital markets for mortgage reinsurance capacity in November 2019, successfully sponsoring its first mortgage ILS with a $302.8…
Read MoreKathleen Reardon appointed CEO of Hiscox Re & ILS
Hiscox Re & ILS, the global reinsurance and insurance-linked securities (ILS) division of the Hiscox Group, has announced the hiring and appointment of well-known industry executive Kathleen Reardon as its new CEO. Reardon departed from her CEO role at Hamilton Re, the reinsurance focused operations of Hamilton Insurance Group, earlier this year. Now, she has…
Read MoreCRESTA launches its global catastrophe industry loss index – CLIX
The CRESTA organisation has now launched its new global catastrophe industry loss index, which it has named CLIX, promising to cover all natural catastrophe industry loss events around the globe that cost insurance and reinsurance interests more than $1 billion. The CRESTA Industry Loss Index, or CLIX, will provide benchmark information on catastrophe loss events…
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