ILS

The California State Compensation Insurance Fund returned to the cat bond market as USAA’s ResRe multi-peril deal raised $200mn.

In London last week, I heard Lloyd’s chairman Bruce Carnegie-Brown give a talk detailing some of the challenges facing the Lime Street market – a particularly pertinent topic given the trials and tribulations experienced by some syndicates in recent months in getting their 2019 business plans signed off.

Move is a sign of Axa XL’s commitment to the ILS space.

The deficit marks an improvement on the prior-year period net loss of $179mn.

The new offering will work alongside its existing ILS operations.

This appointment is one of three new moves at the business.

The ILS manager will continue to operate largely independently following the completion of the deal.

Irma and Florence impacted Florida insurers’ Q3 earnings as disparity emerged around Michael losses.

Following new investment, Akinova has brought in the experienced Paul Jardine.

The possibility of a relationship between the two events puts the utility’s $200mn wildfire cat bond under the spotlight.

The UK-based sidecar writes a quota share of the carrier’s treaty and D&F books.

It is understood the Florida insurer clawed back $10mn of capital that had previously been freed.