News relating to the Bermuda and international insurance and reinsurance industry.
Markel has hired Brenton Slade as president of Lodgepine Capital Management, its retrocessional ILS fund, based in Bermuda.
AkinovA, the electronic marketplace for the transfer and trading of re/insurance risk, has donated ILS assets to ACORD, the global standards-setting body for the insurance industry.
Markel is launching a retrocessional insurance linked securities (ILS) fund manager in Bermuda, Longpine Capital Managament, as well as a reinsurance company called Lodgepine Re.
Two key themes in the Bermuda market at present are a burgeoning life reinsurance market and an expected upward trajectory for insurance-linked securities (ILS), Arthur Wightman, PwC’s territory leader for PwC Bermuda, told Monte Carlo Today.
Industry veteran Dirk Lohmann, who now heads the insurance-linked securities (ILS) business of global asset management group Schroders, is exploring the possibility of launching a new reinsurer on Bermuda with a minimum of $500 million in capital.
Greg Wojciechowski, chief executive of the Bermuda Stock Exchange, is bullish about the state of the ILS market in 2019—and believes Bermuda remains the natural location for this asset class to continue to evolve and develop.
The market is moving in the right direction on rates but the landscape is becoming increasingly complex. Whatever the shape of the future Bermuda remains well positioned as a global risk hub, said panellists at the annual Bermuda:Re+ILS Monte Carlo Roundtable, in association with Markel Re.
Horseshoe, the ILS service provider, has unveiled its new brand, inspired by rowing.
Following the hurricanes, earthquakes, wildfires, typhoons and winter storm events of 2017, 2018 and 2019, the market endured anticipated impairments of 25 notes, according to an Aon Securities annual report on the insurance-linked securities (ILS) sector.
The insurance-linked securities (ILS) market decreased in size in the second quarter of 2019 partly because loss creep from prior year catastrophe events has dented investor confidence.