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PGGM to invest €880m in specialist reinsurer

first_imgThe €215bn Dutch asset manager PGGM is to invest $1bn (€880m) in a new reinsurer to be established in cooperation with Bermuda-based RenaissanceRe.The joint venture, named VermeerRe and also based in Bermuda, will reinsure US properties against natural disasters such as flooding, storms, tornadoes and earthquakes.In a joint statement, PGGM and RenaissanceRe said the Dutch firm would be the sole investor, taking an initial stake of €528m. This will be extended with an additional €352m “to pursue growth opportunities” next year.PGGM is the asset manager for the €206bn Dutch healthcare scheme PFZW. According to Eveline Takken-Somers, senior director of credit and insurance-linked investments at PGGM, the investment would increase PFZW’s current 2% allocation to insurance-linked securities to almost in line with its strategic allocation target of 2.5%.She added that the insurance investment contributed to the desired diversification within PFZW’s entire investment portfolio, and would also have an attractive risk-return profile, “as a financial crisis is no natural disaster”. Flooding in New Orleans after Hurricane Katrina hit in 2005. VermeerRe will provide reinsurance to US properties for natural disasters.In a position paper, PGGM said that the risk exposure of the investment could be assessed in detail because of the “short contracts, sophisticated models and abundant data available”.Aditya Dutt, president of Renaissance Underwriting Managers, said the deal “continues our 20-year track record of creating and managing joint ventures that match well-underwritten portfolios of risk to diverse sources of capital”.PGGM and RenaissanceRe said that VermeerRe had received an A-rating for financial strength from US ratings agency AM Best, and had obtained approval in principle to be licensed and regulated by the Bermuda Monetary Authority as a Class 3B reinsurer.VermeerRe will be managed by Renaissance Underwriting Managers. RenaissanceRe – founded in 1993 – also has offices in the US, the UK, Ireland, Switzerland and Singapore.PGGM’s insurance track recordPFZW started investing in insurance in 2006. According to PGGM’s Takken-Somers, the holdings generated an annual return of 7% on average since then, even delivering a positive result in 2008.Takken-Somers highlighted that the portfolio’s purpose was also to accrue financial buffers for unpredictable events, and explained that PGGM’s risk exposure was comparable with that of its catastrophe bonds allocation.She said PGGM has focused on building strategic partnerships with top-tier reinsurance companies to improve access to and selection of risk since 2014.“We seek efficient implementation of our investments as we believe this leads to superior returns,” she added.Earlier this year, PGGM invested €352m in LeoRe, in a private transaction with reinsurer MunichRe. LeoRe insures the financial impact of natural disasters in America, Europe, Japan, Australia and New Zealand.According to Maurice Wilbrink, spokesman for PGGM, the structure of LeoRe was different from VermeerRe as it involved a catastrophe bond issued in a partnership with MunichRe.last_img read more

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Syracuse adds Buffalo to 2018-19 nonconference schedule

first_imgSyracuse men’s basketball added a matchup with Buffalo to its nonconference slate, SU Athletics announced in a release Thursday afternoon. The matchup will take place on Dec. 18, 2018.This will be the second straight year the Orange — which owns a 28-5 all-time series lead — plays the Bulls, with the last matchup coming on Dec. 19 of last year, an 81-74 SU victory.Buffalo had a much improved season in 2017-18, going 27-9. That included a Mid-American Conference championship and first-round upset in the NCAA Tournament of No. 4-seeded Arizona, 89-68.The matchup is the fifth game added to SU’s nonconference schedule. Here are the games that have been confirmed so far, per the SU release.Thursday, Nov. 15 — 2K Classic vs. Connecticut, Iowa or OregonFriday, Nov. 16 — 2K Classic vs. Connecticut, Iowa or OregonSaturday, Dec. 1 — vs. CornellSaturday, Dec. 15 — vs. Old DominionSaturday, Dec. 18 — vs. BuffaloAdvertisementThis is placeholder text Comments Facebook Twitter Google+ Published on May 24, 2018 at 2:45 pm Contact Michael: mmcclear@syr.edu | @MikeJMcClearylast_img read more

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Thursday’s electrical outage caused by wire entangled in oversize load west of Wellington

first_img Close Forgot password? Please put in your email: Send me my password! Close message Login This blog post All blog posts Subscribe to this blog post’s comments through… RSS Feed Subscribe via email Subscribe Subscribe to this blog’s comments through… RSS Feed Subscribe via email Subscribe Follow the discussion Comments (2) Logging you in… Close Login to IntenseDebate Or create an account Username or Email: Password: Forgot login? Cancel Login Close WordPress.com Username or Email: Password: Lost your password? Cancel Login Dashboard | Edit profile | Logout Logged in as Admin Options Disable comments for this page Save Settings Sort by: Date Rating Last Activity Loading comments… You are about to flag this comment as being inappropriate. Please explain why you are flagging this comment in the text box below and submit your report. The blog admin will be notified. Thank you for your input. +1 Vote up Vote down G Sugar · 303 weeks ago Did this maybe happen on Wed? Report Reply 0 replies · active 303 weeks ago 0 Vote up Vote down Mo67 · 303 weeks ago Was the driver ticketed for this?? Report Reply 0 replies · active 303 weeks ago Post a new comment Enter text right here! Comment as a Guest, or login: Login to IntenseDebate Login to WordPress.com Login to Twitter Go back Tweet this comment Connected as (Logout) Email (optional) Not displayed publicly. Name Email Website (optional) Displayed next to your comments. Not displayed publicly. If you have a website, link to it here. Posting anonymously. Tweet this comment Submit Comment Subscribe to None Replies All new comments Comments by IntenseDebate Enter text right here! Reply as a Guest, or login: Login to IntenseDebate Login to WordPress.com Login to Twitter Go back Tweet this comment Connected as (Logout) Email (optional) Not displayed publicly. Name Email Website (optional) Displayed next to your comments. Not displayed publicly. If you have a website, link to it here. Posting anonymously. Tweet this comment Cancel Submit Comment Subscribe to None Replies All new comments Wellington City and Sumner Cable official erect poles west of town due to wire mishap Thursday evening.Sumner Newscow report — An oversized load getting caught on utility wires west of Wellington is the reason for the power outage at several homes on the northwest corner of Wellington.Around 7:30 p.m. or precisely the bottom of the first inning of the Kansas City Royal World Series game, the electricity went off and stayed off for about 30 minutes.Wellington Interim City Manager Shane Shields said a trucker had pulled off the side of the road on U.S. 160 and the top of the oversize load on his trailer snagged utility lines and breaking off a couple of poles in the process at the KDOT gravel pit a half mile west of Wellington.The result was an electrical outage in west Wellington for about 30 minutes. No other part of town was affected. Shield said the electric crew was out there with repairs for four hours. This morning new poles are being set.Follow us on Twitter.last_img read more

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