Gary Kerney

Gary Kerney

Gary Kerney, one of the most prolific contributors to this blog, retired from Verisk in 2013. Mr. Kerney served as assistant vice president, Property Claim Services (PCS). Since joining PCS in 1981, he worked on catastrophe identification, loss estimating, and catastrophe response and mitigation.

Are You Writing Canadian ILWs?

Cedents have used the PCS ® Catastrophe Loss Index heavily in industry loss warranty (ILW) exposure to U.S. natural catastrophe risk. The PCS index likely accounts for more than half the market. This straightforward...

The Rise of the Private Catastrophe Bond

The Artemis Deal Directory added its second private catastrophe bond of the year. Sunshine Re is a $20 million transaction, sponsored by Florida Municipal Insurance Trust. It follows Skyline Re, a $61.2 million deal...

Five New ILS Market Developments

The second quarter is off to a great start, with more than $3 billion in catastrophe bonds announced or completed so far. And as the insurance and reinsurance industry prepares for hurricane season, the momentum shoul...

When Will We See a $50 Billion ILS Issuance Year?

Issuance of insurance-linked securities is growing rapidly. A recent Artemis report put the total outstanding at more than $40 billion. At $5.9 billion, last year was the second most active for catastrophe bond issuan...

Catastrophe Bonds: More than Half Way to $4 Billion

A lot has changed in only a few weeks. After a slower than expected start in the first quarter , the catastrophe bond market has gained momentum quickly. If the current announced transactions close without upsizing,...

Catastrophe Bonds: $4 Billion by June 30?

According to Artemis , Aon Benfield has forecast $4 billion in catastrophe bond issuance activity by the end of June. If that happens, 2013 will have become the most active first half in the history of the market. So...

Catastrophe Bond Market Trend Watch

This year’s catastrophe bond market began with a strong first quarter. Sponsors raised nearly $900 million, making it one of the three most active first quarters in the history of the catastrophe bond market. Many...

ILS Frictional Costs: Evolution and Progress

Insurance-linked securities (ILS) transactions are not as expensive as they used to be. Five or six years ago, it could take months for a sponsor to complete a catastrophe bond, and it would cost as much as 50 basis...

ILWs: The Missing Link

We all know it’s there. Some industry participants whisper about it, and a few have actually seen it. I’m talking about the industry loss warranty (ILW) market. This opaque corner of the reinsurance industry provides ...

Five ILW Tips for the Florida Reinsurance Renewal

The Florida reinsurance renewal is still a few months away, but it’s already becoming a hot topic. A flurry of industry loss warranty (ILW) issuance activity is likely this month as carriers line up their reinsurance...