Markel said it is “incredibly optimistic” about the future of its insurance linked securities (ILS) business despite ongoing investigations into recorded loss reserves at CATCo and its subsidiaries.
The future of Markel CatCo looked less certain today as the company’s board said it would “recommend an orderly run-off” of the firm's portfolios.
UnipolSai Assicurazioni, one of the biggest insurers in Italy, has placed a €45 million catastrophe bond providing it with protection against perils in Italy including atmospheric phenomena, snow pressure and flood risks (including Vatican City and San Marino Republic).
Insurance Australia Group (IAG) has issued its first catastrophe bond; the deal also the first to be domiciled in Singapore, using its new insurance-linked securities (ILS) laws.
Markel CATCo, which has been conducting an internal review into its loss reserves in 2017, has parted company with two of its senior executives with immediate effect after it appears it discovered evidence of an “undisclosed personal relationship” in the course of the investigation.
AlphaCat Managers, AIG's third-party reinsurance capital management and insurance-linked securities (ILS) unit, has entered into an ILS transaction with Ledger Capital Markets.
Global reinsurance capital decreased in the third quarter of last year though the mix of capital available changed within this with alternative capital supplying a higher percentage of what was available to insurers, according to a report by Aon.
Pacific Investment Management Company (PIMCO), the asset management company owned by Allianz, has recruited Rick Pagnani, the former chief executive of Everest Re’s sidecar Mt. Logan Re, as head of its ILS business.
A combination of losses in 2018, capital still trapped in relation to 2017 events and a lack of new capacity entering the market, will likely lead to a hardening of the pricing of ILS deals and higher prices in the retro market in 2019.
US insurer Liberty Mutual has secured $150 million of collateralised reinsurance capacity through its Bermuda domiciled segregated account company Limestone Re.