SCOR has commented on the successful issuance of the $300m Atlas Capital UK 2018 catastrophe bond, which is the first to utilise the new UK ILS regime. "Being the first company to sponsor a cat bond on the London market shows SCOR's confidence in the UK's ILS regime and our commitment to the cat bond market, as well as our capacity to innovate," said Victor Peignet, CEO of SCOR Global P&C.
SCOR Global P&C
Hamilton has announced the launch of Hamilton Capital Partners, a new business unit that will be tasked with the development of Hamilton’s capital management capabilities. It has appointed Brenton Slade to head up the new enterprise, who joins from the Horseshoe Group. “In today’s evolving market, meeting the needs of our clients presents a host of opportunities for real innovation as far as fully integrated customized solutions are concerned,” said Hamilton CEO Pina Albo. “Managing capital for third parties is one of these opportunities."
Universal Property & Casualty Insurance Company has expanded the top of its reinsurance tower for a single Florida event by $350m to $3 billion as part of its 2018-2019 reinsurance programmes, effective June 1, 2018. Major participants in the Florida insurer's programme include Nephila Capital (via Allianz Risk Transfer).
Forecasters at Colorado State University have decreased their forecast for the 2018 hurricane season, which is now underway, citing cool sea surface temperatures in the Eastern, Central and North Atlantic. While they do not anticipate a significant El Nino, the anticipation now is for a near-average probability for major hurricanes making landfall along the US coastline and in the Caribbean.
Colorado State University
State-backed reinsurer China Re Group has launched a new earthquake catastrophe model. The model was developed in collaboration with state-level scientific research institutions and factors in China’s unique geological structure, seismic activity characteristics, and building structure information to simulate a total of more than three billion random incidents in China and its surrounding areas over a period of five million years.
Karen Clark & Company has estimated that insured losses resulting from Subtropical Storm Alberto will be close to $50m. The storm made landfall near Panama City, Florida on Monday 28th May with sustained winds of 45 mph. Modelled estimates include insured losses to residential, commercial, and industrial properties and autos.
Karen Clark & Company
Posted: Monday, June 4th, 2018