As part of its goal to ward off a developing insurance crisis in California that has seen major companies pull-back on underwriting property insurance there, or exit the state entirely, Insurance Commissioner Ricardo Lara has announced regulation to allow for an expanded use of catastrophe models to help insurers operate
The California Earthquake Authority (CEA) entered the January reinsurance renewals with almost one billion dollars more in risk transfer than a year earlier, as the group reached December 31st 2023 with $9.1 billion of protection in-force. A year earlier, the CEA’s reinsurance tower had shrunk to around $8.2 billion after the
The Texas Windstorm Insurance Association (TWIA), the residual market property insurer for the State of Texas, has returned to the catastrophe bond market seeking to place a large $600 million Alamo Re Ltd. (Series 2024-1) issuance as it looks to build-out its reinsurance for the years ahead with the help of
We reported earlier this week that the Government of Mexico is back in the catastrophe bond market with a new World Bank facilitated IBRD CAR Mexico 2024 parametric catastrophe bond. That deal is missing one of its usual components, a Pacific hurricane tranche, but sources tell us to expect one, once
PGGM, the Dutch pension investment manager that allocates the largest amount to the insurance-linked securities (ILS) market on behalf of end-client the Dutch pension PFZW, ended 2023 with just over US $9 billion in ILS assets under management, as a slight uplift in capital deployed in euro terms and currency
The government of Hong Kong wants to attract more insurance-linked securities (ILS) sponsors to the Special Administrative Region, as it highlights a commitment to develop its ILS market and build on early successes there. The Hong Kong Special Administrative Region (HK SAR) of the People’s Republic of China published its
Over the history of the catastrophe bond market, sponsors have recovered some 2.69% on a paid loss basis, which on a reported loss basis would have seen recoveries of 3%, according to Swiss Re Capital Markets. The investment banking and insurance-linked securities (ILS) specialist unit of global reinsurance giant Swiss
The Berkshire Hathaway insurance and reinsurance businesses delivered as Warren Buffett had anticipated in 2023 and the result drives home investor attraction to the sector right now, with a stunning performance and $3.5 billion in earnings reported by the property and casualty reinsurance arm. Berkshire Hathaway reported its results on
The Hong Kong Insurance Authority (IA) has outlined a strategic focus to expand the region’s Insurance Linked Securities (ILS) capacity, in its latest annual report. With four catastrophe bonds already issued, totalling HK$4.4bn (US$562m), including a notable US$350m issuance backed by the World Bank, the IA is looking to enrich the ILS
The Fundamentals of Insurance-Linked Securities (ILS) is an online professional qualification upgrade course and in-person Swiss summer school convened by Phoenix CRetro Ltd. in partnership with various professional and educational institutions worldwide.
