Fairfax Financial-owned Lloyd’s insurer Brit Ltd has launched the first transformer vehicle under the UK’s new ILS regime to provide collateralised reinsurance capacity to multiple cedants.
The $200mn Cal Phoenix Re Ltd ILS is being priced as an effective total loss in the secondary cat bond market which also suggests investors believe PG&E’s $1.4bn insurance program will be totalled by the ferocious Californian Camp fire.
Cal Phoenix Re Ltd, the first ever cat bond to cover pure wildfire risks, is expected to be triggered only three months after it was issued.
Hiscox has named former Ariel Re underwriter Daniel Vestergren as chair of international of its reinsurance and alternative capital arm - Hiscox Re & ILS.
Markel has completed its acquisition of the industry’s largest ILS fund manager, Nephila Holdings.
There is growing speculation that the seemingly unstoppable rise of the ILS market – estimated by Aon Benfield to be at $98bn at mid-year – will slow down at 1.1 or possibly even shrink marginally.
A record-high $1.6bn of non-life ILS capacity was issued in the third quarter of 2018, as enthusiasm for alternative capital continued for ILS amongst both issuers and investors.
RenRe has confirmed that it will not continue with the reinsurance/ILS fronting services provided by Tokio Millennium Re (TMR) after its $1.5bn acquisition completes.
Markel has revealed it will pay $975mn in cash for ILS manager Nephila in its third quarter results.
On the eve of its tenth anniversary, ILS fund manager Leadenhall Capital Partners has confirmed it has expanded its assets under management (AuM) to a new record size of $5.2bn.
Industry veteran Ted Blanch has launched a new Florida-focussed reinsurance intermediary, COIN Re, with a mission to “align interests” with insurers by providing them with an economic interest in the new firm.
Traditional reinsurers who have faced fierce pricing competition from the pension funds and other investors in the ILS sector are naive if they think the sector will diminish with rising interest rates.
Retro reinsurance investment specialist Markel CatCo said it expects its net asset value (NAV) to take a single digit hit as a result of cat losses from both Hurricane Michael and Typhoon Jebi.
Hannover Re has demonstrated its pre-eminence in the ILS market with the issuance of a $125mn Californian wildfire cat bond, SD Re Ltd.
Further evidence of the expansion of alternative capital deep into the primary commercial markets was provided today with the appointment of a global head of capital markets to MMC’s MGA arm.
ILS fund manager Securis has made its position clear to ICat/Beat Capital that there is no obligation to pay the $13mn+ in reinsurance recoveries claimed by its Syndicate 4242 because of the contractual wordings that cover the release of collateral securing the placement.
Hiscox has named Liz Breeze as its chief financial officer of its reinsurance and alternative capital arm - Hiscox Re & ILS.
Negotiations are continuing between major ILS provider Securis and the Lloyd’s (re)insurer Syndicate 4242 over the current inability of Securis to honour up to $21.5mn of cat liabilities following the premature release of 2017 collateral.
Allianz’s Alternative Risk Transfer (ART) business is to be split into two separate units.
First quarter ILS issuance activity rose 54 percent in year-on-year as alternative capital markets bounce back after the impact of Hurricanes Harvey, Irma, Maria, according to the Bermuda Monetary Authority.