Issues

The reinsurance community is expecting further demand for adverse development covers (ADCs) as a combination of soft market conditions, low interest rates and reserve adequacy concerns pushes carriers to scrutinise their back books.

Hannover Re said that it had written an additional $2.5bn of limit in fronted business in recent years, after completing $960mn of cat bonds this year for three organisations.

AmTrust is set to raise its targeted $100mn from its first public cat bond deal, Fortius Re, as the insurer managed to close the deal for a premium rate that was below its initial target, sources told Trading Risk.

The Mexican government's natural disaster fund Fonden is working with the World Bank to renew its cat bond cover after its previous deal paid out $50mn linked to a 2015 hurricane, sister publication Trading Risk reported.

The total level of InsurTech funding fell by almost two-thirds in the first quarter of the year, interrupting a general upward trend in the sector, according to PwC and Startupbootcamp.

Colin Man, a senior contingency broker, has left Integro Group to join EC3 Brokers, according to market sources.

Blockchain-based InsurTech start-up InsureX abruptly halted its initial coin offering (ICO) last week amid concerns that the process had come under attack from fraudsters.

The Prudential Regulation Authority (PRA) will spend the summer working through reams of submissions from financial services firms following last Friday's (14 July) deadline for sharing their Brexit contingency planning.

Lloyd's and UK carriers looking to establish EU subsidiaries post-Brexit face a limit on the amount of business they can reinsure out of their new units, following an intervention from the EU insurance regulator.

As little as 7 percent of economic losses could be covered by insurance after a global cyber attack, according to new modelled scenarios from Lloyd's and cyber modelling and analytics firm Cyence.

Ash Bathia's start-up Probitas is still pushing to become a $1bn Lloyd's business, and believes its potential new investor Saudi Re will keep it on course to achieve that goal.

The tide of London-based MGA start-ups shows no sign of slowing, with Tom Milligan's venture capital launch providing yet another platform for entrepreneurial types to grab their piece of the London market.