New Mexico state pension adds $25m to ILS Capital allocation: Report

The New Mexico Educational Retirement Board, a near $13.5 billion pension fund for the state of New Mexico’s education sector employees, is reported to have allocated an additional $25 million to insurance-linked securities (ILS) fund manager ILS Capital Management. The New Mexico Educational Retirement Board already had a roughly $125 million allocation to ILS Capital…

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Policyholder Dividends Soar as Auto Insurers Respond to Pandemic

Policyholder dividends have more than tripled so far this year, due largely to approximately $14 billion auto insurers have returned to policyholders in response to reduced driving and fewer accident claims related to the COVID-19 pandemic. According to National Association of Insurance Commissioners (NAIC) data from Standard & Poor’s Global Market Intelligence, insurers issued $4.8…

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Victimized Twice? Firms Paying Cyber Ransom Could Face U.S. Penalties

Recent advisories from two U.S. Treasury agencies –  the Financial Crimes Enforcement Network (FinCEN) and the Office of Foreign Assets Control (OFAC) – indicating that companies paying ransom or facilitating such payments to cyber extortionists could be subject to federal penalties are a reminder of the importance of good cyber hygiene.   The notices also underscore businesses’ need to consult…

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NMI returns for fifth mortgage ILS, with $242m Oaktown Re V Ltd.

Specialist mortgage insurance group NMI Holdings, Inc. has successfully priced its latest and now fifth mortgage insurance-linked securities (ILS) deal, a $242 million Oaktown Re V Ltd. transaction. This is the fifth mortgage insurance-linked securities (ILS) transaction to be sponsored by NMI Holdings Inc., as it continues to source capital markets investor backed fully-collateralized mortgage…

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Munich Re expects €800m COVID-19 claims, above-average cat losses for Q3

Global reinsurance firm Munich Re has pre-announced an expectation of another significant claims burden from the COVID-19 pandemic, as well as an above-average level of natural and man-made catastrophe losses for the third-quarter of 2020. Munich Re said today it expects to report roughly €800 million in claims from the COVID-19 pandemic from the third-quarter,…

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Insurers Help Victims Find Freedom from Domestic Violence Through Financial Empowerment

COVID-19 Could Further Impact Intimate Partner Violence Survivors By Loretta Worters, Vice President – Media Relations, Triple-I Financial security and access to resources can make all the difference to domestic violence victims when deciding to leave an abusive relationship. And insurance is an important component of financial planning that can help survivors move forward. Financial…

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Travelers recovers full $280m from its aggregate reinsurance in Q3

As anticipated, U.S. primary insurance carrier Travelers has confirmed that it made the full $280 million of recoveries from its property catastrophe aggregate reinsurance during the third-quarter of 2020. Travelers had already come very close to triggering the property aggregate catastrophe reinsurance cover after the second-quarter of the year, when it reported $854 million of…

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Storm Alex flood & wind claims in France already EUR 288m: FFA & CCR

In a joint communication, the French Insurance Federation and public and private reinsurance group CCR, have said that claims from flooding and wind damage caused by recent storm Alex has already resulted in EUR 288 million in claims in France. The figure is expected to rise as more claims are filed, particularly in the badly…

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