The Federal Emergency Management Agency, which started buying reinsurance last year for the National Flood Insurance Program, is now exploring the expansion of the program, according to spokesman Michael Hart. FEMA worked through Guy Carpenter to buy $1 billion worth of reinsurance in 2017 from 25 carriers for the flood insurance program. This year, the agency bought $1.46 billion of reinsurance for the program. In April, FEMA announced its intention to buy a catastrophe bond.
The Chairman of China Re visited Singapore recently where he discussed issues related to the reinsurers work in the Singapore re/insurance market, including discussions on the potential for cooperation between China Re and Singapore in the area of catastrophe bonds. China Re is no stranger to catastrophe bonds, having sponsored a ground-breaking $50m Panda Re transaction back in 2015 which became the first cat bond exposed to catastrophe perils in China. It is not known whether the bond, which is set for maturity in July, will be replaced.
AFL Insurance Brokers Ltd has launched Agile Risk Advisory (ARA); a specialist business focusing on the burgeoning London ILS market. ARA will provide consultancy and insight to support the development and structure of new ILS transactions. In December 2017 the UK's ILS regulations entered into force, creating a framework for the establishment of an ILS market in the UK.
AFL Insurance Brokers
Beazley has begun raising funds to expand its insurance facilities special-purpose arrangement (SPA) at Lloyd's. The insurer is marketing to both ILS managers and Names capital, sources said, as it looks to raise the capital to support an additional roughly £150m of stamp capacity.
Malaysia's two largest pension funds grew their alternative assets, primarily real estate, by more than 60% in just a year, as they seek to diversify investments and boost returns. Combined alternative assets under management (AUM) of the Employees Provident Fund and Kumpulan Wang Persaraan stood at 59.51 billion ringgit ($14.92 billion) at the end of last year, sharply up from 36.15 billion ringgit at the end of 2016. The increase was primarily driven by KWAP, whose investment panel in November 2016 approved plans to invest up to 14% of total AUM in alternatives.
Asia Asset Management
Karen Clark & Company estimates that the June 6 Texas Hailstorm will generate close to $1 billion in insured losses to residential and commercial properties and automobiles. An initial estimate from the Insurance Council of Texas suggests 20,000 residential structures and 25,000 automobiles have been damaged.
Karen Clark & Company
Insurance loss estimates from Hurricane Irma have hit $9.7 billion, up by more than $1 billion since April, according to the latest numbers posted by the Florida Office of Insurance Regulation. Insurers also advised the state agency that the number of claims had reached 987,767, up more than 54,000 from when numbers were previously updated in April.
EU News Press
Posted: Monday, June 18th, 2018