The Federal Emergency Management Administration (FEMA) will launch a cat bond to transfer risk from the National Flood Insurance Program (NFIP) to the capital markets through Flood Smart Re, a Bermuda-domiciled insurance vehicle.
The ILS capacity brings more efficient funding into the insurance market – and managing general agents (MGAs) must also take advantage of this, Grahame Chilton, CEO of Gallagher UK, told delegates at the MGAA 2018 conference in London today (July 12).
Catastrophe bond issuance dropped to $7.4 billion in the first half of 2018 from $8.8 billion issued in the first half of last year as activity in North America halved, according to the PCS H1 2018 Catastrophe Bond Report.
Swiss Re Capital Markets has structured and placed the issuance of $350 million of insurance-linked securities by Frontline Re on behalf of Frontline Insurance.
Bermuda-based Horseshoe Group has appointed Jean-Bernard Crozet as senior vice president – advisory services and head of London office.
Bermuda domiciled Limestone Re has issued $278 million of notes to investors in a private placement transaction that provides collateralised reinsurance for Liberty Mutual’s US property catastrophe programme, as well as US homeowners and global property reinsurance risks.
The Texas Windstorm Insurance Association (TWIA) has secured $1.4 billion in reinsurance coverage for the 2018 hurricane season, according to its annual report.
Recently established Bermuda domiciled reinsurance company Bernina Re has appointed Michael McKnight to the position of chief executive officer & chief risk officer effective as of 28 May 2018.
Reinsurance broker Guy Carpenter & Company, a wholly owned subsidiary of Marsh & McLennan Companies (MMC), has hired Shiv Kumar as president and global leader of GC Securities, capital markets.
Lloyd’s broker AFL Insurance Brokers has launched Agile Risk Advisory (ARA), a specialist business focusing on providing evidence-based risk advice and new insurance-linked-securities (ILS) opportunities.