insurance linked securities (ILS) News

UK Regulators Approve Lloyd’s Special Purpose Vehicle to Attract New Forms of Capital

Lloyd’s announced it has received regulatory approval to set up a new multi-insurance special purpose vehicle, which aims to attract new forms of capital. A key milestone for the Future at Lloyd’s strategy, the new platform will make it easier …

W. R. Berkley Corp. Launches Special Purpose Reinsurer in Bermuda

W. R. Berkley Corp. announced the formation of Lifson Re Ltd., a special purpose reinsurer registered in Bermuda and licensed by the Bermuda Monetary Authority. Lifson Re has been capitalized with more than $250 million of equity from a small …

Credit Suisse Shuts Humbolt Re and Kelvin Re After Investor Withdrawals

Credit Suisse Group AG is winding down two reinsurance vehicles with assets of about $2 billion after key investors moved their funds out. Humboldt Re and Kelvin Re, which use money from institutional clients to reinsure natural catastrophes and other …

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 …

Hamilton Launches New Bermuda Special Purpose Insurer Called ‘Ada Re’

Hamilton Insurance Group Ltd. announced the launch of Ada Capital Management Ltd., a Bermuda-regulated insurance agent authorized to underwrite on behalf of Ada Re, a new Bermudian special purpose insurer. Ada Re has successfully secured capital commitments and, subject to …

PartnerRe Appoints Hiscox’s Hughes as CEO Third Party Capital

PartnerRe Ltd. announced that Andrew Hughes will join PartnerRe in the new role of CEO, Third Party Capital, subject to immigration approval. Hughes will be responsible for further developing and growing PartnerRe’s third-party capital initiatives. He will be based in …

COVID-19 Couldn’t Stop Robust Quarter for ILS Issuance: Aon

Usage of insurance linked securities the first six months of 2020 is already 20% higher than all of 2019, underscoring the sector’s momentum and resilience even with the coronavirus pandemic, Aon Securities said in a new report. Aon traced a …

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, …