Cat bonds key to closing protection gap

ORIGINAL PUBLICATION HERE and at Baden-Baden 2017 dailies HERE

Sponsoring transparent and understandable cat bonds—including bonds that use parametric triggers—could become one of the most effective risk transfer instruments for emerging economies to resolve the developing issue of the protection gap at the macro level, Kirill Savrassov, CEO of Phoenix CRetro, a niche Bermudian ILS specialist, told Baden-Baden Today.

Savrassov believes this has become especially important for large countries with various types of event exposures, and those which are historically and geographically positioned in ‘peak zones’, and could face a sudden, devastating hit that could adversely affect overall economy development.

“We have to admit that the speed of local market development remains extremely slow in terms of penetration. For example, 25 years of insurance market free development brought an average of only 2.5 percent penetration across the entire Central and Eastern European (CEE) region, with much lower figures for former Soviet states,” he said.

Cat bonds an attractive asset for EU insurers in a Solvency II world


Investing in catastrophe bonds is viewed as an attractive investment by some primary insurance companies, with the implementation of Solvency II meaning the assets can have certain capital benefits, depending on an insurers profile.

For a primary insurance firm which does not carry too much catastrophe risk on its balance-sheet, an investment in pure catastrophe risk can be seen as an attractive proposition, as under the Solvency II rules for capital requirements can mean that cat bonds do not attract a significant capital charge.

This isn’t true everywhere, of course. There have always been issues for German insurers that wanted to invest in catastrophe bonds and other insurance-linked securities (ILS), with the regulators taking a particularly conservative line here.

Insurance and reinsurance companies used to provide a significant portion of ILS capital, investing in assets which were deemed to help with the overall diversification of the balance-sheet, but in recent years that trend has slowed.


Blue Capital cites renewal stability, reserves for catastrophe events


The combination of technical pricing discipline and a continued trend of increasing demand for reinsurance capacity, helped moderate price declines and stabilise the market at renewals, according to insurance and reinsurance linked asset manager Blue Capital.

In an update on the mid-year and Florida reinsurance renewals for one of its funds, Blue Capital Management said that it was pleased to see pricing declines slowdown and a more stabilised marketplace, resulting in an average decline in renewal pricing of just 2%, compared to the prior year.

Blue Capital Management is a subsidiary of Bermudian reinsurance firm Endurance, specialising in insurance and reinsurance linked investment management, with a range of funds, sidecars and private mandate vehicles.


Record levels of asset based lending shows businesses are ready for growth


The number of British businesses taking advantage of asset based finance to support their growth ambitions has increased, according to new figures that prove the popularity of this traditionally under-appreciated source of funding.

The latest research from industry body, the Asset Based Finance Association (ABFA), showed that the overall amount of funding provided to business through asset based finance rose by £260m in the past year to stand at £19.7 billion at the end of December 2015.


Phoenix CRetro pleased to support “Doing Business with the EEU” project by Emerging Europe


Business Emerging Europe, a London-based location promotion and business intelligence organisation specialised in Central and Eastern Europe, is the publisher of Emerging Europe, firmly established as one of the world’s premier sources of information on the region.

Doing Business with the EEU is an all-round marketing communications and business intelligence project for EEU companies and countries to reach a premier business audience, show what best they have to offer and break stereotypes — with a view on attracting foreign direct investment from and increasing commercial exchange with the European Union and North America.


Nick Frost appointed President of R&Q Captive Management Division


Randall & Quilter (“R&Q” or “the Company”) is pleased to announce that Nick Frost, currently President of R&Q Quest Management Services Bermuda, has been appointed President of R&Q Captive Management Division. Nick will be responsible for the overall strategy and development of the division.

Nick currently heads the Account Executive Team and acts as a Board Member on over 40 client companies.  He will continue to hold his position as President of R&Q’s Captive Management operations in Bermuda alongside his new role.


Welcoming address from Bermuda Development Agency on occasion of joint reception at British Embassy Minsk


Welcoming address (re. BDA/Bermuda)

Good day, and a very warm welcome to you. We are excited to be part of this joint effort to support and stimulate bilateral trade relationships with Belarus, and the Central and Eastern Europe region as a whole.

Specifically, we’d like to speak on behalf of Bermuda and its Business Development Agency (the “BDA”). Bermuda is a British Overseas Territory. It is also a highly respected and sophisticated financial centre that welcomes business from around the world – including this region.

america cup

Press Release: Appleby named official law firm of the 2017 America’s Cup


Appleby has been named as the Official Law Firm of the 2017 America’s Cup. Appleby’s Bermuda office will be providing the America’s Cup Event Authority with a full range of legal services for the 35th America’s Cup which will be held in Bermuda in 2017.

Appleby is widely regarded as a leading firm providing first class corporate and commercial legal services. As one of Bermuda’s oldest firms, it has been serving clients since it was founded by Major Appleby in 1897.

Phoenix logo on top

Press release

Phoenix logo on topORIGINAL DOCUMENT HERE 

Phoenix CRetro and BROKBUSINESS Consortium Obtains ‘First of its Kind’ CEE Licence for Collateralised Retro Activities in Ukraine

Ukraine, 16th September 2014 – Insurance company «BROKBUSINESS» (Kiev, Ukraine) – a strategic partner of Bermudian niche reinsurer Phoenix CRetro – has been awarded a licence from the National Bank of Ukraine to post collateral abroad as part of its retro reinsurance capacity provision.

This is a significant development for the local insurance industry in the CEE as obtaining such a licence (the first of its kind throughout the CEE) opens up new opportunities in the international ILS markets and reaffirms a modern trend in global CAT reinsurance that has been debated in depth at this year’s Monte Carlo Rendezvous.