Canada’s regulator adds catastrophe bonds as a form of reinsurance for capital credit
The Canadian financial markets regulator, the Office of the Superintendent of Financial Institutions (OSFI), has now added natural catastrophe bonds to its rules on allowable forms of reinsurance that can reduce capital requirements for insurance risk. It’s a move that could help to stimulate more catastrophe bond issuance from Canadian insurance carriers, with the instruments […]
UK captives framework to grant businesses greater flexibility, says Aon’s Walker
Leon Walker, Europe, Middle East, and Asia (EMEA) Captives Leader for global re/insurance broker Aon, believes an established captives framework in the United Kingdom has the potential to provide businesses with greater flexibility in their use of captive solutions. To recap, the Financial Conduct Authority and Prudential Regulation Authority have placed an open call for […]
Australia’s APRA makes access to alternative reinsurance (cat bonds and ILS) simpler
The Australian Prudential Regulation Authority has now updated its regulatory framework to make access to alternative reinsurance solutions simpler and easier for insurers in the country, with targeted changes that will support access to catastrophe bonds and other insurance-linked securities (ILS) for potential sponsors there. We reported back in November 2024 that the Australian Prudential Regulation Authority […]
Singapore’s MAS launches consultation for PCC and collateralised reinsurance structure
An awaited consultation process on the regulatory framework for a Protected Cell Company (PCC) structure that can be used for collateralised reinsurance arrangements, including sidecars, and efficient insurance-linked securities (ILS) issuance has now been launched by the Monetary Authority of Singapore (MAS). The Monetary Authority of Singapore (MAS) published the consultation documents today, asking market […]
FCDO commits additional £3m to Natural Disaster Fund Technical Assistance Facility
The Foreign, Commonwealth and Development Office (FCDO), which leads the UK’s diplomatic, development and consular work globally, has committed an additional £3 million to the Technical Assistance Facility (NDF TA Facility), operated by the Natural Disaster Fund (NDF), a blended risk transfer vehicle designed to mitigate climate-related challenges and build resilience for low-and-middle-income countries. The […]
William Fawcett appointed Head of ReSources at Reinsurance Association of America
The Reinsurance Association of America (RAA), the trade association representing property and casualty reinsurers operating in the United States, has announced the appointment of William Fawcett as Head of ReSources and the RAA Reinsurance Education Institute. In his new role, Fawcett will oversee initiatives designed to strengthen and expand the RAA’s position in industry education, […]
Monetary Authority of Singapore says awaited PCC consultation is coming soon
The Monetary Authority of Singapore (MAS) has signalled that a long-awaited consultation on new laws to establish a Protected Cell Company (PCC) structure that could be used for collateralised reinsurance arrangements and efficient insurance-linked securities (ILS) issuance is coming soon. Long-term readers of Artemis may recall that Singapore has been asked by the ILS market […]
Captives ‘coming home’ as PRA eyes 2027 UK regime launch
Shoib Khan, Director of Insurance Supervision at the Bank of England, said the PRA is moving to build a UK captive regime aimed at reversing decades of offshore migration, with 2027 set as the moment captives are finally “coming home” to the UK. Captives are wholly owned insurance companies set up by businesses to insure […]
GIFT City is attracting global reinsurance capital at scale, says PB Fintech’s Singh
In an interview with Reinsurance News, PB Fintech’s Joint Group Chief Executive Officer, Sarbvir Singh, emphasised that a more open and predictable regulatory environment is attracting global reinsurance companies to India’s first International Financial Services Centre (IFSC), Gujarat International Finance Tec-City (GIFT City). Insurance and reinsurance volumes have expanded rapidly at GIFT City, hitting $1.2 […]
GIFT IFSC continues rapid growth as registrations and re/insurance activity rise
The latest quarterly bulletin from the International Financial Services Centres Authority (IFSCA) has highlighted the continued expansion of India’s Gujarat International Finance Tec-City International Financial Services Centre (GIFT IFSC), describing it as a transformative element in the country’s financial sector strategy and its integration with global markets. The bulletin said the establishment of the International […]