ILS

The UN has launched a new climate resilience initiative aimed at providing more than 30 vulnerable countries with $2bn of insurance coverage against the risk of drought, flood and cyclones within the next five years.

Eight Lloyd's syndicates including leading insurance-linked securities manager Nephila have pledged $400mn of reinsurance capacity to provide catastrophe solutions for under-insured developing economies.

Loss reporting agency Perils has extended its coverage database to include Turkey, a move that it hopes will benefit the trading and transferral of catastrophe risk in the country.

Zenkyoren is seeking to top up its cat bond cover for Japanese earthquake perils with a new $200mn Nakama Re transaction, sister publication Trading Risk reported last week.

Nephila has continued to build out its peak zone MGA platform with additional key hires and is in advanced negotiations to add to its existing State National facility with other fronting carrier relationships, The Insurance Insider can reveal.

Further details on the work being done to bring insurance-linked securities (ILS) business to the UK are expected to be unveiled in this week’s Autumn Statement, according to PwC.

The cat bond market will look to build on one of its pillars of competitiveness - multi-year reinsurance solutions - by offering increasingly long-dated risk, according to Aon Securities CEO Paul Schultz.

Insurance-linked securities (ILS) fund manager Credit Suisse will launch one of the largest Lloyd's start-ups in January with the £90mn Arcus Syndicate 1856, after receiving final approval from the Lloyd's Franchise Board.

Listed Lloyd's carrier Novae and top-10 alternative fund manager Securis have received formal approval from the Corporation to launch Special Purpose Syndicate (SPS) 6129 on 1 January

Credit Suisse-backed Arcus Syndicate 1856 has received approval from the Lloyd's Franchise Board to begin trading on 1 January 2016

There is room for insurance-linked securities (ILS) capacity to grow even without expanding the size of the catastrophe reinsurance market, Aon Securities CEO Paul Schultz said at the ILS Bermuda Convergence 2015 conference last week (11 November).

Nephila Capital has added two years to the term of its exclusive tie-up with fronting provider State National, extending the arrangement until 2019.