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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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IAAF to discipline athletes over results from retested samples

first_imgIAAF Athletics World Championships 2015: The night for African Athletes The IAAF has initiated disciplinary action against 28 athletes after they retested samples from the 2005 and 2007 world championships with new technology that can uncover previously undetectable substances and found 32 adverse doping cases.The International Association of Athletics Federations (IAAF) on Tuesday announced that it would be initiating disciplinary action against 28 as-yet unnamed athletes after retesting samples from the 2005 and 2007 World Championships.Eastern Europeans, including Russians, make up a large number of the 28, sources familiar with the testing told Reuters on Tuesday.They were not aware of any Americans on the list and the BBC reported there were no British athletes.In a statement posted on the federation’s website, the IAAF states that the results yielded 32 adverse findings and that the 28 athletes could not yet be named due to the legal process.It was also revealed that most of the athletes named have since retired with some already having been sanctioned. Only a few remain active in the sport. The 2005 World Championships were staged in Helsinki, with Osaka, Japan hosting two years later.Officials at the World Anti-Doping Agency (WADA) would not comment on the cases, saying they would await the conclusion of the testing process.If violations are confirmed, the IAAF said it would correct the record books for the 2005 and 2007 world championships, which were held in Osaka, and re-allocate medals as necessary.Related Kenyan athletes, IAAF dismiss doping allegationscenter_img Athletes banned from changing nationalitieslast_img read more

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Company Mi Crédito Mexicano suspended in Cancun for alleged fraud

first_imgCancun, Q.R. — A credit company has suddenly closed its doors in Cancun after accusations of fraud.Credit easy and fast was how Mi Crédito Mexicano attracted clients who were offered credit from 150,000 peso to 10 million peso. After numerous complaints and more than a year of operating, the Federal Attorney’s Office were able to file a federal complaint against the Transnational Enterprises of Mexico, SA de CV in the amount of 30.6 million peso.For those seeking credit, clients were charged a 5.8 percent commission fee for “administrative expenses”, then took between one and two months to approve (or decline) an application.In Cancun, the credit company had two office locations, one on Lopez Portillo Avenue and the other on Avenida Palenque with Calle Camarones.The Federal Attorney’s Office said that regarding the credit company, “We also went to the National Commission for the Protection and Defense of Financial Services, but they told us that they could not do anything because the company does not provide loans.“Nevertheless, in the announcement it clearly says we grant you the financing.”After more than a year of demanding that something be done, the Federal Attorney’s Office proceeded to issue a certificate of requirement and federal arrest against Transnational Enterprises of Mexico SA de CV for not having made their fiscal payment.At the moment, 40 clients in Cancun have organized legal action against the company. Since 2016, numerous incidences of the same type of fraud have been reported against Mi Crédito Mexicano in various states including Durango, Chihuahua, Campeche and Chiapas, where they also offered credit then disappeared.In October of 2017, Profepa, in conjunction with la Fiscalía General del Estado of Chihuahua, also suspended the operations of Mi Crédito Mexicano which affected 280 clients. They also suspended the company in Durango in December of 2016.Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on WhatsApp (Opens in new window)last_img read more

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Grace expects Greinke trade to have emotional impa

first_img Grace expects Greinke trade to have emotional impact Arizona Cardinals running back Kerwynn Williams (33) scores a touchdown as Denver Broncos linebacker Zaire Anderson (47) defends during the second half of an NFL preseason football game, Thursday, Sept. 3, 2015, in Denver. (AP Photo/Jack Dempsey) The Arizona Cardinals promoted running back Kerwynn Williams from the practice squad to the active roster Saturday and released tight end Joseph Fauria.5-foot-eight, 198-pound Williams played in five December games for the Cards last season and recorded 246 rushing yards on 53 carries for a 4.6 yard average. He’s been playing on the Cardinals practice squad since September 5 when he was cut from the active roster. Fauria played the past two seasons and the 2015 preseason with the Detroit Lions and did not play last week for the Cardinals in their game against the New Orleans Saints. He has 24 receptions and 287 yards for his career. The 5: Takeaways from the Coyotes’ introduction of Alex Meruelo Comments   Share   center_img – / 21 Derrick Hall satisfied with D-backs’ buying and selling Former Cardinals kicker Phil Dawson retires Top Stories last_img read more

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