ILS
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Improved performance and growing investment returns played a role in the upgrade. -
The ILS manager has $6.8bn in assets and will be led by MariaGiovanna Guatteri.
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The sidecar will support five programs providing specialty frequency coverages.
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The syndicate is targeting capital allocation for 1 January, the company confirmed.
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Hannover Re Capital Partners is in talks with two investors for 1 January launch.
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The lawsuit is the latest development in the multi-billion dollar reinsurance scandal.
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The PRA will also have to report on turnaround time for new approvals against 10-day and six-week targets.
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The man is alleged to have conspired with others to falsify LOCs and collateral letters.
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The latest update brings the agency’s combined estimate for Milton and Helene to $32.4bn.
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Sentiment at the ILS Connect event hosted by Insurance Insider ILS was generally positive.
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Being the “new kid” has created interest in the market, Mereo CEO Croom-Johnson added.
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Erik Manning is joining the business from BMS as head of ceded reinsurance.
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Recent transactions on the platform include cat bonds from Flood Re and Brit.
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The firm also promoted Devin Inskeep to an expanded role as SVP, head of ratings and advisory.
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Bolding will focus on aligning Gallagher Securities with Gallagher Re.
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Theo Norris joins from Gallagher Re, which brokered one of the first 144A cyber cat bonds.
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The state insurer is budgeting for an extra 43% of overall coverage in 2025-26.
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The 2025 target would be ~25% larger than the $3.56bn it placed for 2024.
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In line with Milton’s moderate forecast loss, the ILS market reaction will be less influential in post-event dynamics.
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Changes to the categorisation and oversight of managing agents seek to reduce duplication and thereby cut costs.
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Cat bond funds have been attracting inflows while confidence is patchier across collateralised re.
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The company increased its full year 2024 adjusted net income guidance.
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The proposals include increasing either statutory or CRTF funds.
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Aspen said reduced reinsurance appetite made it a good time to seek alternative capacity.
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A hard cat market in 2023 means cedants must consider the alternatives.
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A more consistent trading rhythm returned to the property market, with capacity deployment outside of frequency-exposed layers and more heavily loss-impacted segments bouncing back.
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The lawsuit, filed Thursday on behalf of Clear Blue and its subsidiaries, alleges that Aon conducted insufficient due diligence on the ILS InsurTech.
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The Bermudian firm said it expects the acquisition could drive more growth than the prior forecast of $2.7bn incremental premium.
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The lopsidedness of the ILS recovery means more confidence around prolonged hard market rates but also raises the bar on competing for third-party capital.
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The sidecar has been launched alongside partner Stone Point Credit Adviser.
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The APRA intends to review reinsurance settings in the Australian prudential framework over the course of 2023 and the first half of 2024.
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The company’s targeted Vescor cat bond would have provided collateral to meet auto and other obligations, but there were multiple structural points of risk for investors.
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The firm’s statement followed allegations in Israeli tech media of missing collateral linked to deals it was concerned in.
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In a discussion at Trading Risk’s London ILS 2023 conference, panellists compared the current cyber ILS market to the cat market in the 1990s.
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Hard-market conditions have been beneficial but more improvements are needed, the panel said.
