News relating to the Bermuda and international insurance and reinsurance industry.
The ILS market can grow tenfold by embracing standardisation and developing new products, particularly ones that offer cyber exposure, according to Henri Winand, CEO of AkinovA, the electronic marketplace for trading re/insurance risk.
Prospero Re plans to restructure its operating model to retain the benefits of the collateralised reinsurance model while adding an element of leverage that is more reflective of traditional reinsurers, according to Kroll Bond Rating Agency (KBRA).
An unnamed Asian technology company has purchased a parametric cloud outage product on AkinovA, the electronic marketplace for trading re/insurance risk, to protect itself against the risk of a cloud service provider outage.
Eagle Re 2020-1 (Eagle Re) has funded $488 million of fully collateralised excess of loss reinsurance coverage for Radian Guaranty. The reinsurance was financed via the first mortgage insurance linked note (ILN) transaction to incorporate an exchangeable note feature.
Essent Guaranty, a subsidiary of Essent Group, has obtained $495.9 million of fully collateralised excess of loss reinsurance coverage from the capital markets.
This year will see a return to growth for the ILS market, with a range of new products helping clients manage new risks more effectively, according to Brad Adderley, partner at Appleby.
Hanni Ali has been named senior vice president of strategic partnerships at Hamilton Insurance Group, with oversight of the company’s ILS platform, which has also been rebranded.
Peak Re, the Hong Kong-based reinsurer, has increased capacity in Lion Rock Re II, its reinsurance sidecar that follows up Asia’s first sidecar transaction last year.
Insurance-linked securities (ILS) on Bermuda have had an interesting few years, as the market continues to evolve to meet strong demand.
Genworth Mortgage Insurance (Genworth MI), a subsidiary of Genworth Mortgage Insurance, has obtained $302.8 million of fully collateralised excess of loss reinsurance coverage from Triangle Re 2019-1 (Triangle Re).