Australia passes cyclone reinsurance pool legislation

Australia has passed legislation to enable the establishment of a reinsurance pool for cyclone and cyclone-related flood for homes, strata corporations and small businesses, in a move welcomed by the Insurance Council of Australia (ICA). The ICA says it is now incumbent upon the Australian Reinsurance Pool Corporation (ARPC) to release its pricing schedule to […]

Lloyd’s seeks expanded ILS approvals for London Bridge Risk PCC

The Lloyd’s insurance and reinsurance market is understood to be in active discussion with financial market regulators over an expansion of the regulatory approvals for its insurance-linked securities (ILS) structure London Bridge Risk PCC. Lloyd’s launched the vehicle over a year ago now and the London Bridge Risk PCC Ltd. structure was approved by regulators […]

SEC’s climate risk disclosure rules to drive risk mgmt & transfer spend

As the US Securities & Exchange Commission (SEC) publishes a new set of proposed rules on climate risk disclosure, it’s becoming increasingly clear regulating for climate risk reporting is going to drive risk management and risk transfer spend, with ramifications and opportunity for insurance, reinsurance and insurance-linked securities (ILS). Yesterday, the SEC published its proposals, […]

PRA looks to evolve UK ILS regime, after challenging start: Sweeney

The UK’s top regulator recognises that the insurance-linked securities (ILS) regime in the country has faced challenges since its launch and wants to evolve the system to make for swifter and easier issuance conditions, to attract more ILS and catastrophe bond activity to be transacted there. This is according to senior executives of the United […]

Tomoni Re cat bond seeks $240m of cover for MS&AD insurers

A new catastrophe bond issuance has been launched to benefit two Japanese insurance carriers owned by MS&AD Insurance Group Holdings, with the Tomoni Re Pte Ltd. (Series 2022-1 & 2022-2) transaction aiming to secure the sponsors a multi-year source of collateralized Japanese typhoon and flood reinsurance protection. The ultimate beneficiaries of the reinsurance that the Tomoni […]

UK’s PRA wants to improve ILS authorisation process and speed

The United Kingdom’s Prudential Regulatory Authority (PRA), which is part of the Bank of England, said that it recognises the need to improve the country’s authorisation process for insurance-linked securities (ILS) vehicles, noting that time taken is a factor. In a letter to insurance and reinsurance CEO’s, Anna Sweeney and Charlotte Gerken, two Executive Directors […]

UK Gov committee approves plan to exempt ILS from Stamp Duty taxes

This week, UK Member’s of Parliament (MP’s) approved the passage of new Government legislation designed to exempt insurance-linked securities (ILS) issuance and reinsurance transformer vehicle issued notes from any Stamp Duty taxes, to promote ILS activity in the United Kingdom. The move saw MP’s from both sides of the House agreeing to pass the legislation, […]

Enormous potential for cat bonds in Greater Bay Area: Hong Kong’s Carrie Lam

Carrie Lam, Chief Executive of the Government of Hong Kong, sees “enormous potential” for catastrophe bonds and insurance-linked securities (ILS) to provide important disaster risk capital to underpin risks in the Greater Bay Area. The Greater Bay Area, also known as the Guangdong – Hong Kong – Macau Greater Bay Area, is a megalopolis made […]