ILS

Sompo Canopius is poised to put in motion fundraising for an insurance-linked securities (ILS) fund that will take on a portion of its catastrophe reinsurance book, The Insurance Insider can reveal.

Watford Re is poised to file for an IPO as it seeks to become the first total return reinsurer of the class of 2014-16 to enter the public markets, The Insurance Insider can reveal.

About $12.5bn in catastrophe bonds issued by Florida insurers or tied to the Florida property and casualty market may face losses from Hurricane Irma, AM Best said today.

Willis Re CEO John Cavanagh and designated successor James Kent have urged the reinsurance market to show a measured response when arranging back-ups following Hurricane Harvey and Hurricane Irma

European-based industry loss aggregator Perils said limits at risk placed using its global data reached $3.1bn as of 31 August, up 17 percent on $2.7bn recorded at the same point last year, due to the addition of Australia and Turkey to the database.

Peak Re will not float on the Hong Kong Stock Exchange over the next 12 months despite speculation elsewhere in the press, the firm's CEO Franz Hahn told The Insurance Insider

Hurricane Irma may no longer be the $100bn+ loss being discussed five days ago, but it still represents a test on a scale the insurance-linked securities (ILS) market has never faced before

Verto, the Names-backed quota share syndicate, has applied to expand its original remit to include class-specific quota shares, The Insurance Insider can reveal

The top five reinsurance writers in Florida assume 23 percent of the market's ceded premium, analysis by The Insurance Insider has shown

Florida-based carriers have sponsored about $1.9bn of cat bonds across a wide range of risk levels, but the bulk of the cat bond portfolio threatened by Hurricane Irma is made up of multi-peril issuances with national US exposure.

Florida is truly the reinsurance market's risk hothouse. Its coastline produces the bulk of the ILS market's exposure and Florida risks still squeeze out more profit for reinsurers than many other lines of business

Hurricane Irma’s destruction spread into equity markets again today as fears of the storm’s impact drove down insurance sector shares almost across the board in New York.