ILS
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The firm’s 2015 Atlas cat bond has triggered, following loss creep from the 2017 hurricanes. -
The company has reached a settlement with Alissa Fredricks and agreed to binding arbitration with Tony Belisle.
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The NFIP will bear the brunt of losses from Hurricane Barry, according to industry analysts.
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The series of storms caused economic losses of $2bn, figures from Aon show.
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The City Council is working with RMS to improve the quality of its protection.
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Axis and Swiss Re were able to top up on ILW cover at the lower end of their targeted costs.
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The deal follows recent ILS fund manager investments by White Mountain and Scor.
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The mid-year renewal included $135mn from a Bermuda-listed placement, which shrank from $278mn after the insurer revised the covered portfolio.
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Reinsurance rates are rising, especially in Florida and retro, but primary market changes are still outstripping the significance of these improvements.
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Participation by DE Shaw for the first time since 2015 drove an overall increase in ILS use by the Floridian insurer for its 2019-20 programme.
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Capital is returning to the ILS industry after the past two years of losses, Paul Schultz, CEO of Aon Securities, said at the firm’s 2019 ILS event last week.
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Third Point Re and White Mountains have also given financial support to the start-up.
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