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Alternative Risk Transfer
The Montpelier Re-backed Blue Capital Global Reinsurance Fund, which invests in catastrophe exposed collateralised reinsurance-linked contracts and other ILS investments, is looking to raise more funds through a series of placements of new shares. One market participant said the placement illustrated the still growing demand for ILS products among investors. 25 March 2013
Alternative Risk Transfer
Florida state-backed insurer, Citizens is looking to repeat the success of its first cat bond issued in 2012, with a second bond issuance under Everglades Re this year. 20 March 2013
Alternative Risk Transfer
After a quiet start to the year, two new catastrophe bonds are being marketed that should take 2013 issuance to around $1 billion. Sources say investor appetite for these deals remains strong thanks to poor returns elsewhere in the financial markets while cedants remain appreciative of the diversity they offer. 19 March 2013
Insurance
Germany insurer Allianz has revealed an extensive investment programme to boost its presence across Africa. It has hired five new senior executives in the continent since the start of 2013 and the company is targeting Sub-Saharan Africa in particular, where it anticipates strong growth. 18 March 2013
Insurance
Bermuda-based MS Frontier Re has appointed a new president and CEO. Starting on April 1, Toshiya Naito will take over the role from Keiichi Nakajima who will return to Japan to take on new responsibilities within MS Frontier Re’s parent company. Naito is a 25-year veteran with Mitsui Sumitomo Insurance Company, the parent company and sole shareholder of MS Frontier Re. MS Frontier Group recently completed a reorganisation on January 1 which saw the closure of MS Frontier Re’s sister office in Dublin. 13 March 2013
Insurance
Senior executives at JLT Reinsurance (North America) believe a structure used in a recent deal that helped Citizens Property Insurance Company, Florida’s residual insurance company, transfer 31,000 policies to a new company and reduce its exposure by some $30 billion in the process could lead to similar deals in the future and opportunities for JLT Re as a result. 5 March 2013
News
Bermuda-based Endurance Specialty Holdings has announced that Jerome Faure will join the company on March 11 as CEO of global reinsurance. He will be responsible for Endurance’s North America, Bermuda and international reinsurance operations. Most recently, Faure was a partner in ILS Capital Management in Bermuda focused on insurance linked securities, industry loss warranties and collateralized reinsurance. Prior to that, he served as director and chief underwriting officer for Tokio Millennium Re. He started his career at Scor. 27 February 2013
News
Martin Sullivan, the deputy chairman of Willis Group Holdings and chairman and CEO of the Willis Global Solutions unit, will leave the firm in May 2013, after a transition, to pursue other interests. 20 February 2013
News
The insurance market in China has rapidly developed in terms of its sophistication and the calibre of personnel it attracts in the past 15 years meaning greater opportunities for international players that invest in establishing a foothold there. 14 February 2013
Alternative Risk Transfer
Last year saw the second highest level of catastrophe bond issuance on record signalling strong growth in the market, according to Willis Capital Markets & Advisory (WCMA). At year end, $5.9 billion of catastrophe bonds had been issued – a 37 percent increase over 2011, according to the unit’s latest Insurance-Linked Securities (ILS) market update. 6 February 2013
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