Alera borrows another $300mn to fuel further M&AFast growing US broker consolidator Alera Group has added $300mn to its first-lien term loan, taking total credit facilities up to $1.2bn, as it targets further acquisitions in the sector.
Munich Re raises Eur1.25bn through first green bondMunich Re has issued its first subordinated green bond which will provide Eur1.25bn of funds to deploy in projects that will help drive a climate-friendly transformation of the economy.
Quota shares and sidecars – attracting capitalSecuris’ Cahal Doris looks at coverage, liquidity and partnership in the sidecar arena.
Reinsurance hardening may need to be sustained for two years: AM BestAM Best believes reinsurers risk losing investor confidence if pricing momentum is not sufficient to offset losses from previous years and the impact of Covid-19.
Activist target Saga in bid to raise £150mnFormer Saga chief executive Roger De Haan is set to invest £100mn ($133mn) as part of an equity raise to recapitalise the UK motor insurance firm, which has seen its share price fall 75 percent since the start of the year.
Reinsurance capital up 1% in H1 despite alternative decline: Guy CarpGuy Carpenter and AM Best have estimated that total reinsurance capital at the end of the first half was up 1 percent from the end of 2019, with the reinsurance broker noting that Covid-19 claims are likely to affect ILS funds’ ability to raise capital heading into 1.1.
TigerRisk’s Fox: $10bn+ of new capital to enter market in 2020A blend of defensive and offensive capital raising strategies at play are expected to bring in more than $10bn of new capital during the rest of 2020, according to TigerRisk managing partner and CEO Rod Fox.
Syndicates told to proactively engage with Lloyd’s on 2021 capital positionSyndicates have been asked to proactively engage with Lloyd’s if they are likely to have a material change to their capital position next year.
Blenheim Syndicate 5886 proposes to pre-empt by 30% for 2021Blenheim Syndicate 5886 has tendered plans to increase the business it writes at Lloyd’s by 30 percent to further capitalise on the hardening market, The Insurer understands.
Helios considers capital raise to target 2021 growth plansLloyd’s investment vehicle Helios said it is considering options to finance additional capital to support plans to increase its underwriting capacity in 2021.
Korean Re partners with Carlyle Group to develop co-insurance solutionsSouth Korea’s leading reinsurer Korean Reinsurance Co has formed a strategic alliance with US-based global investment firm The Carlyle Group to jointly develop co-insurance products tailored for Korean insurers.
TigerRisk finalises growth investment from Flexpoint FordExpansive reinsurance broking and advisory firm TigerRisk said it is targeting additional hires as well as product and geographic expansion as it announced its investment from private equity firm Flexpoint Ford has completed in a move first revealed by The Insurer back in April.
Reinsurance pricing momentum will continue even in light storm season: RenReRenaissanceRe further trimmed its Florida book at 1 June and reduced its Southeast US exposure as it aims its bulked up balance sheet at the key 1 January renewals, with CEO Kevin O’Donnell expecting reinsurance pricing momentum to continue even if landfalling storm activity is quiet.
Munich Re pegs Q2 Covid-19 losses at Eur700mn and pulls 2020-2021 share buybacksMunich Re has reported a Q2 net result of Eur600mn ($685mn) including a Eur700mn ($799mn) charge for Covid-19-related losses in the period driven by event cancellations, as it also revealed it will deploy additional capital to reinsurance rather than restart share buybacks.
Compre confirms Hudson Structured has invested £23.2mn in legacy firmPE owned run-off acquisition firm Compre has confirmed the Bermuda ILS fund manager Hudson Structured Capital Management (HSCM) has taken a £23.2mn stake in the business, subject to regulatory approval.
Reinsurance capital falls 6% in Q1 as Covid-19 and trapped capital take toll: AonTotal reinsurance capital was down 6 percent – equivalent to $35bn – in the first quarter with both traditional and alternative capital dipping in the first three months of the year, according to the latest reinsurance market outlook report by Aon.
Second Covid wave could eat into insurers’ capital buffers, warns S&PInsurers’ ratings have proven resilient in the wake of the Covid-19 outbreak but S&P Global Ratings has warned that a second wave of the pandemic could eat into carriers’ capital buffers as financial market losses and insurance claims mount.
June/July renewal trends included increased ILW buying: AonAon has identified June and July renewals trends such as inclusion of communicable disease language and increased industry loss warranty (ILW) demand in property and employers liability emerging as a potential loss stream in casualty.
Ardonagh debt increases to £2bn; Moody’s maintains sub-prime debt ratingThe major refinancing at PE-owned Ardonagh has increased the group’s overall debt burden to £2bn, the equivalent of circa 8x its annual Ebitda earnings.
Bermuda alternative capital UW losses hit $3bn in 2018: BMAAnalysis of statutory filings by the Bermuda Monetary Authority (BMA) shows that underwriting losses from alternative capital on the island widened from $2.7bn in 2017 to $3.0bn in 2018.