Augment Risk has appointed Steve McElhiney as partner of its newly-created captive and alternative risk transfer solutions unit.
North America
Mapfre Re, the reinsurance arm of Spanish insurer Mapfre, has sponsored its first ever catastrophe bond, raising $125mn.
Utah’s insurance department has ordered three life (re)insurers owned by Advantage Capital Partners to cease writing new business by the end of the year, stating that losses on loans to companies in 777 Partners’ investment portfolio had left them in a “hazardous financial condition”.
US-listed P&C (re)insurance stocks delivered a stellar performance in November, outpacing the S&P 500, which in turn recorded its best monthly showing in a year.
Canada's natural catastrophe loss bill is projected to exceed C$8bn ($5.7bn) this year, driving adjustments in pricing, attachment points and deductibles, according to Jolee Crosby, CEO of Swiss Re Canada.
The North American insurance composite compiled by Stonybrook Capital and Weild & Co rose 1.9 percent last week, with all 12 industry groups posting gains.
An atmospheric river that caused widespread flooding along the southern British Columbia coastline in Canada between 18 and 20 October has generated insured damages of over C$110mn ($78mn), according to Catastrophe Indices Qualification and Quantification (CatIQ).
The North American insurance composite compiled by Stonybrook Capital and Weild & Co rose 0.8 percent last week, outperforming Wall Street benchmarks that turned negative after Federal Reserve commentary tempered expectations for interest rate cuts.
Two parametric insurance initiatives have been awarded grants from Virginia’s Department of Housing and Community Development to strengthen flood resilience in the southwest of the state.
The North American insurance composite compiled by Stonybrook Capital and Weild & Co joined the broader equity markets in record territory last week following the US presidential election on Tuesday and the Federal Reserve’s rate cut on Thursday.
The management of Definity Financial Corporation expects “wide differentiation” among Canadian carriers in the property reinsurance renewals, while rising attachment points and the heavy losses this year will lead to hardening of both the primary personal and commercial markets.
Fitch Ratings has revised the outlook on all the ratings of Australia-based QBE Insurance Group and its subsidiaries to positive from stable.
Ten of the 12 industry groups in the North American insurance composite compiled by Stonybrook Capital and Weild & Co reported declines last week amid a mixed Wall Street performance.
HW Kaufman has promoted 11 senior members of its North American management team to new posts, including naming Manny Manuelidis chief claims officer of Atain and Shelby Zgnilec as chief of staff,
Axis and Axa XL have insured part of a $1bn securitisation tranche launched by the investment arm of the Inter-American Development Bank (IDB), designed to support lending capacity for new development projects across Latin America and the Caribbean.
