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  • Reinsurance and retrocessional reinsurance investment manager Markel CATCo Investment Management has implemented loss reserves for hurricanes Harvey, Irma and Maria amounting to 20% of net asset value for its listed retrocession strategy, the CATCo Reinsurance Opportunities Fund Ltd. Markel CATCo had implemented a 6% loss reserve for the impacts of hurricane Harvey in the funds […]Markel CATCo hur...

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  • In a new report, RE:bound has further explored the potential benefits of resilience bonds, underlining the opportunity for the public sector to access private capital, to transfer disaster risks away from while supporting the development of resilient infrastructure projects. The catastrophe bond-style transaction concept has been developed by consultancy RE:bound working alongside industry partici...

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  • Aspen Insurance Holdings Limited has published its estimate of third-quarter 2017 catastrophe losses, with $360 million of impact expected from events including hurricanes Harvey, Irma and Maria. The majority of these losses come from Aspen’s reinsurance business segment. Aspen estimates that $110 million of the loss will be from Hurricane Harvey, $135 million from Hurricane […]Aspen puts Q3 cat l...

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  • Hurricane Irma related insurance claims in Florida have increased further in the last week, rising around 8.5% to almost $5 billion, with almost 32% of claims now closed, according to the latest data from the Florida Office of Insurance Regulation. Hurricane Irma approached Florida as an extremely powerful storm and the insurance and reinsurance industry […]Hurricane Irma insurance claims in Flori...

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  • The fears of a substantial volume of ILS capital being trapped for too long so that it’s unable to be redeployed at the January 2018 reinsurance renewals, in light of recent catastrophe events, may be overstated, according to JLT Re’s David Flandro. Following the devastating impacts of catastrophe events in the U.S. and the Caribbean, […]Trapped ILS collateral issue may be overstated, suggests Dav...

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  • Meteo Protect, the weather index insurance specialist, has received Coverholder status from the Lloyd’s of London insurance and reinsurance marketplace, enabling it to access, underwrite and issue policies for Lloyd’s syndicates. The Coverholder status provides Meteo Protect with access to the specialist Lloyd’s of London brand, security and ratings, as well as its market of […]Parametric weather ...

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  • Hiscox Re and ILS, the reinsurance and insurance-linked securities (ILS) arm of the global re/insurer, has launched FloodXtra, a new U.S. primary flood product, which is designed to help address the flood insurance gap and will enable its ILS investors to access sources of flood risk. FloodXtra will be available to Hiscox’s insurance carrier partners. […]Hiscox Re and ILS launches flood product, w...

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  • Catastrophe risk modelling firm RMS has said that it does not believe that the insurance and reinsurance industry will face any more than $500 million of losses from recent hurricane Nate’s wind and coastal flooding on the U.S. Gulf Coast. Nate struck the Gulf Coast as a strong Category 1 hurricane but the impacts from […]RMS says hurricane Nate’s insured losses will not top $500m was published by...

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  • Specialist insurance-linked securities (ILS) and catastrophe bond investment manager Fermat Capital Management LLC has recruited Joanna Syroka, who previously worked for the African Risk Capacity (ARC), to a business development role focused on accessing new opportunities to narrow the insurance protection gap. Syroka has been a pioneer in the weather risk transfer and insurance market […]Fermat r...

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  • California wildfires have put billions of dollars of property at risk and spread further over the weekend as strong winds and dry weather fanned flames. Latest estimates suggest that at least 5,700 structures, largely homes, have been completely destroyed. The value of properties in the regions affected by the worst wildfires, in Sonoma, Napa and […]California wildfires destroy over 5,700 structur...

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  • Hurricane Ophelia, having become the furthest east storm to reach major Category 3 status, is tracking towards Ireland and threatens a landfall in the south-west of the country as a strong extra-tropical storm which hurricane wind gusts, a damaging storm surge and heavy rainfall. Hurricane Ophelia is still packing 85 mph sustained winds at this […]Ophelia targets Ireland as hurricane force storm w...

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  • The United Kingdom’s insurance-linked securities (ILS) and risk transformation regulations were finally laid formally before the Parliament yesterday, one of the final steps required before they can be utilised by any ILS managers or reinsurers looking to transact collateralised reinsurance in the country. As we wrote yesterday, this has happened later than expected which has […]UK ILS regulations...

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  • The third of the Bermudian insurance and reinsurance firms to announce its third-quarter catastrophe losses yesterday was Arch Capital Group Ltd., which said that it expects to suffer up to $345 million of impact from hurricanes Harvey, Irma and Maria, the Mexican earthquakes and other Q3 events around the globe. Arch’s estimate is for its […]Arch sees its Q3 catastrophe losses reaching up to $345...

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  • The retrocession market has helped Bermudian re/insurer AXIS Capital to reduce its losses from third-quarter catastrophe events, including hurricanes Harvey, Irma and Maria, as well as the Mexico earthquakes, to $578 million, with the firm set to claim $136 million back from retrocessionaires. AXIS Capital said that the $578 million hit is across both its […]Retro helps AXIS reduce Q3 catastrophe ...

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  • Bermudian reinsurance firm Everest Re has estimated third-quarter catastrophe losses from hurricanes Harvey, Irma, and Maria and the Mexico earthquakes of $1.2 billion pretax, after reinsurance and reinstatement premiums, but its alternative capital vehicle Mt. Logan Re and retrocession helps to soften the overall impact. Everest Re has based its estimates on an industry loss […]Everest Re alterna...

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  • Global financial services ratings agency, Standard & Poor’s (S&P), expects the growth of alternative reinsurance capital to outpace growth in the traditional market as it looks to expand outside of the property catastrophe space and earnings headwinds persist. Over the last five years or so alternative, or non-traditional reinsurance has grown substantially, in terms of […]Alternative capital to c...

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  • The UK rules on insurance-linked securities (ILS) were supposed to have come before the Parliament in late September, but this has been delayed by the political conference season and as a result there is a fear that the regulation may not be finalised soon enough for any January renewal ILS deals to be transacted. The […]UK ILS rule delay could reduce chance of Jan renewal ILS deals was published ...

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  • According to Artemis’ sources, one tranche of the almost $54 million Oak Leaf Re Ltd. (Series 2017-1) catastrophe bond is set to pay out to sponsor Southern Oak Insurance Company, after the insurers losses from hurricane Irma triggered the cat bond. The Oak Leaf Re 2017 catastrophe bond was the seventh in the cat bond […]Hurricane Irma triggers Oak Leaf Re 2017 cat bond tranche was published by: w...

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  • There was a burst of catastrophe bond trading activity yesterday, with a number of hurricane exposed bonds trading in the secondary market, including many we haven’t seen trade since hurricanes Harvey, Irma and Maria. It was the busiest day of trading recorded in Trace since the hurricanes struck. The secondary trading market for cat bonds […]Cat bond market trading lights up on hurricane exposed ...

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  • Mike McGavick the CEO of insurance and reinsurance company XL Group Ltd. and the XL Catlin brand believes that the market will shift towards “more realistic and sustainable pricing for the risks undertaken,” following the catastrophe losses of the last quarter which are set to cost the company around $1.48 billion. XL’s estimate of losses […]XL sees shift to “realistic and sustainable pricing” aft...

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  • Global reinsurer Swiss Re’s latest Sigma study underlines the benefits and value of parametric insurance solutions for the corporate sector, products the firm says supports the narrowing of protection gaps, as well as providing protection for the increasing scope of intangible assets held by companies. The consistently evolving economic environment continues to drive changes in […]Parametrics enab...

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  • The Bermuda re/insurance market is expected to face a bill of somewhere around $25 billion from recent hurricane events, with the capital markets set to pay a considerable share, through the islands alternative capital, collateralized reinsurance and ILS fund vehicles. The Association of Bermuda Insurers & Reinsurers (ABIR) estimates that of the roughly $100 billion […]Capital market to pay share ...

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  • The Mexican government has confirmed that it will receive a $150 million payout from the World Bank supported IBRD / FONDEN 2017 catastrophe bond (as Artemis was first to reveal on the 8th September) after the calculation agent confirmed that the earthquake on 7th September met all the parameters required to trigger and default the […]Mexico confirms $150m cat bond payout for quake was published b...

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  • Swiss headquartered weather index insurance and parametric risk transfer specialist CelsiusPro AG and reinsurance broker Aon Benfield have renewed their existing partnership that sees the pair working together to deliver weather risk transfer solutions to Aon clients. CelsiusPro and Aon Benfield have been working together on parametric weather risk transfer since 2013, with CelsisuPro providing […...

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  • As the markets begin to take stock and readjust to the impacts of two of the most devastating hurricanes the U.S. has seen in recent years, JLT Re executives feel confident the insurance-linked securities (ILS) sector will show its value and capabilities post-event. JLT Re executives, speaking at the recent Monte-Carlo Rendezvous de Septembre during […]ILS to show it’s “an integral part of the sys...

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  • Centaur Fund Services, a global investment fund administration specialist, has hired IC Condat to the role of Head of Insurance-Linked Securities (ILS) at its Bermuda entity Centaur Fund Services (Bermuda) Limited, as it pushes into the ILS fund servicing space. IC Condat was previously with ILS fund specialists SS&C Fund Services (Bermuda) Limited (formerly Prime […]Centaur hires Condat for Bermu...

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  • Red flag warnings have been raised for a severe risk of spreading wildfires in the northern California region today, an area where insurance and reinsurance interests are particularly exposed to fire damage and the current wildfires are putting as much as $65 billion of property value at risk. The wildfires have already destroyed thousands of […]California wildfires put $65bn of property at risk, ...

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  • Insurance and reinsurance firm Hiscox said today that it would increase its stamp capacity for its Lloyd’s of London syndicate by around 45%, as it predicts a “widespread market turn” following the major industry losses from recent catastrophe events. Hiscox forecasts deploying £1.6 billion (US $2.11bn) of premium capacity through its Syndicate 33 at Lloyd’s […]Hiscox to increase capacity as it pr...

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