collateralized reinsurance News

Cayman Islands Builds $74 Billion Insurance Hub That Irks Apollo Global Management

The small crowd in pastel polo shirts and sunglasses boarded the catamaran for an afternoon cruise on the Caribbean’s sapphire waters. Tucked under their drinks were napkins emblazoned with a slogan akin to a pickup line: “Let’s go beyond business …

Markets/Coverages: Ascot Launches Capital Mgmt Platform for 3rd-Party Capital Biz

Ascot Group Ltd., the Bermuda-based global specialty insurance company, announced the launch of a unified capital management platform, Leadline Capital Partners, to support their expanded third-party capital business. Under this newly formed platform, Ascot has also announced that the company …

Aspen and Allianz’s PIMCO Launch Casualty-Focused Reinsurance Vehicle

Aspen Insurance Holdings Ltd. and PIMCO Investment Management Co. announced the formation of Pando Re Ltd., a Bermuda-domiciled collateralized re/insurer focused on casualty business. Under a long-term agreement, Aspen will be the sole cedent to Pando Re and PIMCO will …

Fidelis Insurance Holdings Sponsors New ‘Herbie Re’ Catastrophe Bond

Fidelis Insurance Holdings Ltd., the Bermuda insurance holding company, announced it has closed a new catastrophe bond via its “Herbie Re” program. This is the fifth series of notes issued by Herbie Re and will provide Fidelis Insurance Holdings (also …

AXIS and Stone Point Credit Launch Monarch Point Re, Raising Over $400M of Capital

AXIS Capital Holdings Ltd., together with its direct and indirect subsidiaries and branches, announced that it has partnered with Stone Point Credit Adviser LLC to launch Monarch Point Re, a newly created collateralized reinsurer. The launch was accompanied by a …

White Mountains Subsidiary Ark Sponsors Prop-Cat Re Sidecar

White Mountains Insurance Group, Ltd. announced today that Ark Insurance Holdings Limited, its specialty property/casualty reinsurance and insurance subsidiary, has sponsored the formation of a reinsurance sidecar to provide collateralized reinsurance capacity for its global property catastrophe portfolio. Outrigger Re …

ILS Capital’s Prospero Re Gets Bermuda Regulator Nod to Write Traditional Reinsurance

Prospero Re Ltd., a reinsurance company wholly owned by ILS Capital Management with $250 million in statutory capital, has received Bermuda Monetary Authority (BMA) approval of its amended business plan, allowing it to write traditional as well as collateralized reinsurance …

Jan. 1 Renewals Saw ‘Muted Impact’ from 2018’s Catastrophes: Guy Carpenter

The overall impact of catastrophe losses on property rates was muted at the Jan. 1, 2019 reinsurance renewals, but the fourth highest annual catastrophe loss year on record did create questions over pricing adequacy, underwriting strategy and the amount of …

Peak Re Launches Asian Reinsurance Sidecar Deal Using Bermuda Special Purpose Insurer

Peak Reinsurance Co., the Hong Kong-based reinsurer, announced it has launched Asia’s first sidecar transaction via a new Bermuda-domiciled special purpose insurer, Lion Rock Re Ltd., to provide collateralized retrocession for part of Peak Re’s global property reinsurance risk portfolio. …

ILS Market Could Bear 20% of Hurricanes Harvey, Irma, Marie Loss: A.M. Best

The insurance-linked securities (ILS) market potentially could bear up 20 percent of the insured losses generated by Hurricanes Harvey, Irma and Marie, according to an A.M. Best report. These three hurricanes during a two-month period in 2017 now serve as …