insurance linked securities (ILS) News

Hong Kong-Based Peak Re to Acquire Bermuda ILS Asset Manager Lutece

Peak Reinsurance Co. Ltd. has entered into definitive agreements to acquire 100% of the capital of Lutece Holdings Ltd. and its subsidiary Lutece Investment Management Ltd., a Bermuda-based insurance linked securities (ILS) asset manager. The transaction is subject to regulatory …

Canopius Acquires Bermuda-Based Specialty Reinsurer Multi-Strat Holdings

Canopius Group Ltd. has purchased a majority stake in Bermuda-based Multi-Strat Holdings Ltd. Financial details of the transaction were not disclosed. MultiStrat is a specialty reinsurance group that writes both prospective and retrospective casualty reinsurance sourced through select reinsurance intermediaries. …

Hamilton Rebrands ILS Platform as Hamilton ILS, Promotes Ali as New Lead Executive

Hamilton Insurance Group Ltd. announced its insurance-linked securities (ILS) platform has a new name and a new lead executive. Formerly called Hamilton Capital Partners, the platform is now Hamilton ILS. Hanni Ali moves from his role as senior vice president, …

January 2020 Reinsurance Renewals Varied Significantly, Brokers Say

The January 2020 reinsurance renewals saw significant variation in pricing and capacity depending on geography, line of business, cedents’ loss record and client relationships, according to two reports published by brokers Guy Carpenter and Willis Re. Indeed, the market demonstrated …

Brit Launches the First ILS Fund at Lloyd’s

Specialty insurer Brit Ltd. has launched Sussex Specialty Insurance Fund to offer insurance linked securities (ILS) investors access to Lloyd’s risk. It is the first ILS fund in the Lloyd’s of London market. The SIF will allow Sussex to offer …

Willis Re Securities Completes €120 Million Catastrophe Bond for France’s Covéa Mutual

Willis Re Securities reports it has structured and placed EUR 120 million of insurance-linked securities (ILS) to provide reinsurance capacity for Covéa Mutual Insurance Group, France’s largest domestic property/casualty insurance group. The transaction was executed in collaboration with Willis Towers …

Gallagher’s Artex Risk Completes Purchase of ILS Specialist Horseshoe Insurance

Arthur J. Gallagher & Co. announced its captive and alternative risk transfer solutions subsidiary, Artex Risk Solutions Inc., has completed its purchase of Bermuda-based Horseshoe Insurance Services Holdings Ltd. Financial terms of the deal, which was first announced in October …

PCS Extends Catastrophe Loss Methodology to Australia, N. Zealand, SE Asia

Property Claims Services (PCS), a Verisk subsidiary, has extended the catastrophe loss aggregation methodology, previously developed for use in Japan, to cover more territories in the region. Starting Jan. 1, 2020, PCS will report insured losses from catastrophe events in …

Reinsurers Maintain Upward Pricing Momentum—But Will It Last?

Positive pricing momentum—it’s the favorite phrase of many reinsurance executives, who are hoping that the momentum they’ve seen in 2019 will continue during the coming January renewals and beyond. The question is whether they will be disappointed, once again. Over …

Reinsurers’ Earnings to Be Hit After 3rd Year of Major Claims: AM Best

Reinsurers’ earnings are likely to see further erosion in 2019 after another year of major catastrophe losses, which is prolonging the positive momentum for reinsurance pricing, according to AM Best. “Three consecutive years of severe losses, dwindling favorable reserve development …