Approximately $11 billion of property catastrophe bond limit was placed in 2020, the highest on record, according to a new Aon report that projects the growth momentum will continue in 2021. While the year was a record for cat bond …
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. 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 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 …
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 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 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 …
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 …
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 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. …
