Some $1.6 billion of new issuance catastrophe bond transactions – made up of five bonds – took place in the first quarter, according to Willis Capital Markets & Advisory (WCMA), part of re/insurance broker Willis Group Holdings.
From July 1, 2013, Neill Currie will retire as chief executive of RenaissanceRe. He will be replaced by Kevin O’Donnell, the president of RenaissanceRe Holdings. Currie will continue in an advisory capacity through the conclusion of his contract in February 2014.
Beazley has appointed Paul Felfle into its reinsurance team to develop its Latin American business. He will be based in Miami.
Tokio Millennium Re (TMR) plans to move its place of incorporation from Bermuda to Switzerland.
Sirius International Group, the Bermuda-based reinsurance unit of White Mountains Insurance Group, has formed a dedicated team to target the Insurance Linked Securities (ILS) reinsurance capital markets convergence arena.
Through a binder relationship with Cobalt, an underwriting agency specifically created to provide Shariah compliant commercial insurance and reinsurance products, XL Group has assigned a team of underwriters to focus on this rapidly growing market.
The catastrophe bond market remains on course to potentially enjoy its most prolific year ever, despite apparent low levels of issuance in the first quarter.
The growing use of international sanctions is increasingly hindering global insurers and reinsurers which must tread increasingly carefully when navigating what has become a complex web of rules and regulations around this issue.
Markel Corporation has revealed plans to launch two new businesses following its acquisition of Alterra Capital Holdings, which secured regulatory approval yesterday (May 1).
American Coastal Insurance Company, the Florida insurer, has reportedly started marketing a cat bond that would provide it with Florida wind protection. This would be the first time that American Coastal will have used the capital markets to secure coverage.