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AM Best has punished hedge fund reinsurer Greenlight Re for its deteriorating underwriting results by downgrading its financial strength rating to A- from A and its credit ranking to a- from a.
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London-based hedge fund manager Elliott Management Corporation has agreed to purchase a majority stake in Bermuda-headquartered ILS manager Aeolus Capital Management.
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Swiss Re is the sole reinsurer involved in a new catastrophe insurance scheme in the industrial Chinese province of Guangdong, the carrier announced.
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Nephila portfolio manager David Long is standing down from the Bermudian firm at the end of the year, Trading Risk revealed last month.
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Axis reported $8.1mn of fee income from "strategic capital providers" in the third quarter, up fourfold from $2.1mn a year earlier, after it established casualty underwriting vehicle Harrington Re with Blackstone.
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At first glance it may seem a somewhat unlikely alliance. The old London market traders and the Bermudian ILS fund. Something just about as traditional as you can get, paired with the non-traditional
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Nephila has struck a deal with Peter Scales' Lloyd's start-up Blenheim that will see it become the core capital backer for the new syndicate, The Insurance Insider has learned
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The Caribbean Catastrophe Risk Insurance Facility (CCRIF) has made a number of payouts following Hurricane Matthew, including its largest payment to date of $20mn to Haiti.
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The Swiss Re cat bond index rose 1.57 percent to reach 95.53 points on 14 October, clawing back the value that was lost while Hurricane Matthew made its way up the Florida coastline.
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Preliminary loss estimates for Hurricane Matthew from two Floridian insurers suggest that total insured losses in the Sunshine State could be comfortably below $5bn, as the impact of the storm continues to fall on the low side
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The London market should reciprocate the support given to it by UK regulators, according to Nicolas Aubert, chairman of the London Market Group (LMG).
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"Livecat" trading of industry loss warranties (ILWs) ahead of Hurricane Matthew could have topped $100mn of volume, sources told sister title Trading Risk, making it the most active "livecat" market since Superstorm Sandy.
