Lloyd’s (re)insurer Brit now manages over $400mn of capital for third-party investors seeking access to its underwriting with the expansion of its sidecar Versutus to $187mn for 2018.
London (re)insurer Beazley Group has confirmed it is exploring an entry into the nascent UK ILS market.
Aon Securities has put together a $1.36bn catastrophe bond for the World Bank which gives the institution cover for earthquake risks in Chile, Mexico, Colombia and Peru.
Markel CATCo, the collateralised fund manager that raised more than $2bn from investors late last year before increasing its 2017 loss estimates, said that it has placed over forty percent of its 1 January 2017 assets in its listed fund into a “side pocket” to cover losses and any deterioration.
Willis Towers Watson’s securities arm has estimated that $985mn of cat bond capacity was impaired by the wildfires that scorched California and the trio of Atlantic hurricanes which battered parts of the US and the Caribbean last year.
Lloyd’s has a “long way to go” in taking advantage of the new insurance-linked securities (ILS) legislation that came into force last year, the Corporation’s chief financial officer (CFO) John Parry has said.
Two months after the UK government passed legislation to allow for on-shore ILS transactions, Lloyd’s is embarking on a “non-deal” roadshow with fund managers to explore the prospect of a market catastrophe bond that would add an extra layer of capital security to policyholders.
CATCo - the leading provider of pillared retro capacity for cat (re)insurers - has increased its estimate of 2017 losses to 27.6 percent of net asset value (NAV) of the funds it manages.
Assets under management (AuM) at Validus Holdings’ ILS fund manager AlphaCat have climbed to a new record of $3.4bn after raising $714.2mn from investors after the 2017 H2 losses.
MS Amlin has launched a $60mn Bermuda-based sidecar that will write a quota share of its Lloyd’s Syndicate 2001.
Neon has unveiled the UK’s first ILS vehicle, a $72mn protected cell company that will write a quota share for the American Financial Group-owned Lloyd’s business.
For the first time in almost a decade, the level of reinsurance capital shrank last year following the circa $140bn of record insured cat losses in 2017, according to analysis from JLT Re.
The key 1 January renewal was ‘clearly’ a disappointment for many reinsurers, which were ‘unsuccessful’ in achieving meaningful risk-adjusted rate increases, according to the global CEO of Willis Re James Kent.