ILS

By 2024 the reinsurance industry will have undergone unimaginable change and 15-20 reinsurers could be enough to service the market as consolidation becomes inevitable, said Willis Capital Markets & Advisory (WCMA) CEO Tony Ursano.

The global insurance industry could undergo consolidation driven by the Asian markets over the next few decades, according to speakers at the Airmic conference held in Birmingham, UK, last week.

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The necessary conditions for industry consolidation are in place but larger reinsurers are unlikely to be among the principal deal-makers, according to Denis Kessler, the CEO of global reinsurer Scor.

M&A advisory and capital markets specialist Scott Maries has left his position as a managing director at JP Morgan to join Enstar, The Insurance Insider revealed earlier today (23 June).

Former Sunshine State (SSIC) CEO Steve Korducki is working on Canopy Insurance Holdings, a new Florida homeowners' start-up aiming to go live after a targeted $50mn capital raise, The Insurance Insider can reveal.

Price-to-book (P/B) valuations for P&C (re)insurers are typically better now than they were a year ago, despite the recent drift in (re)insurers' share prices and negative investor sentiment regarding future earnings prospects.

London-based insurance-linked securities (ILS) fund manager Securis Investment Partners has hired Martin Reith to take on the newly created role of advisory director.

Pricing guidance has tightened on the Texas Windstorm Insurance Association (Twia)'s Alamo Re cat bond, the first post-June transaction on the insurance-linked securities market, sister publication Trading Risk reported last week.

Erik Manning has resigned from Guy Carpenter, where he had spent four years placing retro business in Bermuda, and is expected to join Markel shortly in a new capital markets role, sister publication Trading Risk reports.

Tokio Millennium Re (TMR) is holding talks with alternative capital providers in a bid to secure capacity commitments that would allow it to significantly increase its line size on select reinsurance placements, The Insurance Insider can reveal.

Multinational fund manager Blackstone has sold down its cat bond holdings within the $1.18bn Blackstone Alternative Multi-Strategy Fund as it reduced its reinsurance allocation, according to the fund's annual report