September 2014/4

Medium-sized insurance intermediaries are increasing seeking to diversify their income streams by venturing into new business areas, including employee benefits consulting, senior broking sources have told The Insurance Insider.

The Africa Risk Capacity (ARC) agency has revealed plans to set up a multi-year platform targeting over $1bn in issuance of African climate change catastrophe bonds over the next 30 years.

DCG Iris shareholders voted unanimously to wind up the closed-ended insurance-linked securities (ILS) fund during an extraordinary general meeting on 24 September.

Final pricing was reached for a new $500mn issuance of municipal bonds that will act as a layer of catastrophe funding for the Texas Windstorm Insurance Association (TWIA), sister publication Trading Risk reported last week

Technology giant IBM's UK pension scheme committed $50mn to invest in Nephila Capital's Iron Catastrophe Fund at the start of this year, according to its most recent annual report.

Pre-tax profits fell by 67 percent in the first half of 2014 at Lloyd's Names vehicle Helios, as increased expenses more than wiped out the positive impact of rising revenues.

High-end US sandwich retailer Jimmy Johns last week became the latest company to fall victim to a data breach, highlighting the growing risk of cyber crime.

Former UK cabinet minister Lord Reid has said the scope for consequential losses stemming from a catastrophic cyber-attack require a public-private partnership.

The cyber insurance market has seen a flurry of appointments this month as insurers and brokers seek to expand their capabilities in this area.

As carriers and intermediaries continue to pour resources into building their offerings in the fast-growing cyber insurance market, the industry needs to see a "transformational shift" in the understanding and treatment of the risk.

Allianz's fund management giant Pimco has announced that deputy chief investment officer Daniel Ivascyn will step up to replace Bill Gross following his dramatic resignation on Friday (26 September).

German insurer Allianz was forced to quash speculation that it would offload its fund management arm Pimco over the weekend, following the departure of its founder and chief investment officer (CIO) Bill Gross.