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.
Bosphorus 1 Re, a newly formed catastrophe bond shelf program that will provide protection to the Turkish Catastrophe Insurance Pool (TCIP), has placed its first tranche in the form of a $400 million cat bond.
Schroders, the global asset management firm, has added insurance linked securities (ILS) to its product offering for institutional clients following its acquisition of 30 per cent of the share capital of Secquaero Advisors Limited (Secquaero), an ILS investment management business in Switzerland.
A proposed flood insurance pool that would allow insurers in the Netherlands to offer flood coverage for the first time since devastating floods hit the region in 1953 could be operational by January 2014 if plans drawn up by a consortium of brokers are ratified by the Dutch authorities at a meeting on June 12.
Global re/insurers could benefit from Turkey’s recent construction boom as domestic insurers in the region struggle to keep up with the size and complexity of infrastructure and construction risks, according to Namik Gulsun, executive director, EMENA at Faber Global, a trading division of Willis.
While the wider insurance industry has coped well with recent heavy losses stemming from natural catastrophes around the world, many mutual insurers can struggle with not just the scale of losses but the claims process following an event.
A lack of big natural catastrophes last year meant that investors in catastrophe bonds enjoyed record returns in the 12 months to March 31, 2013.
Recent changes in the sources of capital being put to work in the reinsurance markets could favour mutual insurers who will become increasingly valued by traditional reinsurers keen to maintain long-term relationships with these clients.
ACE Group has promoted senior casualty underwriter Gordon Knox to casualty manager, Scotland. Knox will be responsible for overall management and growth of ACE’s casualty portfolio in Scotland, focusing on client engagement and the maintenance and development of broker-focused working practices.
Pioneer Underwriting, part of the BMS Group, has appointed Jonathan Matthews as chief operating officer as part of its plan to broaden the expertise and reach of its underwriting business.