ILS

Whether the Texas Deep Freeze ends as a $12.5bn, $15bn or $20bn insured loss, it will be a medium-sized cat event that will deal an earnings hit to carriers with exposure to the affected states.

Hannover Re and Fidelis provided significant capacity on the Munich Re-led programme.

The merged entity will also look to focus on higher margin lines and invest in InsurTech.

The Insurance Capital Fund combines US wind cat bonds with subordinated debt issued by European insurers.

The company also lowered the attachment points on its per-occurrence and aggregate property catastrophe treaties after shrinking its portfolio.

The EU’s chief insurance supervisor advocates adding on pandemic to existing national schemes.

The European (re)insurance supervisor said correlation to financial market risk made the idea a challenging one while reinsurance appetite is also very limited.

The move follows Fidelis’ decision to hand back $275mn it had raised for a retro vehicle.

The total increase to the Bermudian firm’s AuM will be “tempered” at the start of the year due to timing of allocations, cat losses and side pocketing.

Annual issuance more than doubled to a record $11bn.

Former Securis' executive Neil Strong joins arrivals including Lancashire’s Chris Wilkinson as a second head of specialty and Talbot PV specialist Dan Callow.

RenRe said it had “ample dry powder” even after fully deploying its $1.1bn 2020 capital raise.