ILS

Mitsui Sumitomo has re-entered the large-scale P&C M&A fray with a 3.3x book value agreement to buy Singapore's First Capital

Insurance-linked securities (ILS) managers and reinsurers for Florida insurer Heritage and northeast US specialist Narragansett Bay are facing a reduction in spending by the companies following their anticipated merger next year.

City National Bank subsidiary City National Rochdale has started marketing a new fund that will seek investments related to industry loss warranties (ILWs).

Markel Catco escaped significant losses in the first half of the year to provide a 3.94 percent return for ordinary shareholders in the Catco Reinsurance Opportunities Fund, the company said in an interim financial report.

A new $206mn catastrophe risk insurance programme developed by the Filipino government and the World Bank that involves major European reinsurers will help the Pacific island nation better respond to losses from severe weather, earthquakes and other natural disasters.

The National Oceanic and Atmospheric Administration (NOAA) joined other forecasters in projecting a more active US hurricane season this year in its updated August outlook, as the second hurricane of 2017 emerged.

An active second quarter for storm losses has put Cincinnati Financial closer to being able to claim reinsurance cover from an $80mn cat bond layer, but losses are still well short of the deal's trigger.

Two weather forecasters have lifted their projections for the number of named storms in the current Atlantic hurricane season, falling into line with the expectation of a slightly above-average year

Zurich-based insurance-linked securities (ILS) manager Solidum said it has issued a private cat bond using a blockchain that will be opened to other ILS investors.

India's government-owned reinsurer General Insurance Corporation of India, or GIC Re, has filed for an initial public offering of shares which could raise over $1bn.

David Ross, the chief executive of newly rebranded Towergate owner Ardonagh Group, has said the entity could consider an IPO as early as next year, according to a report.

Aon Benfield’s weather forecasters expect to see 17 named storms, including seven hurricanes, emerge from the Atlantic basin this year, according to a revised outlook released today.