Business News: Smooth Waters, Swiss Re Capital Markets, Willis Towers Watson

RSG Underwriting Managers (RSGUM) announced the formation of Smooth Waters, LLC, an independent marine insurance consultancy and claims adjusting company and part of RSGUM’s growing Marine Practice.

Smooth Waters, LLC serves as a consulting and claims adjusting company for the energy and marine marketplace, helping clients navigate the complexities of marine insurance. In an effort to support their recently formed Marine Practice, RSGUM combined the decades of experience in claims handling and adjusting brought by Trident Marine Managers with their existing in-house talent and expertise residing in SafeWaters Underwriting Managers.

Smooth Waters tailors individual loss control services for clients, ranging from yachts, marine terminals, shipyards, manufacturers and logistics operations through large infrastructure projects (project cargo) operations. Using in-house expertise combined with an extended network of vendors (marine surveyors, engineers and security consultants), Smooth Waters works with clients to minimize losses.

For more information about Smooth Waters, contact David Kish at David.Kish@smoothwatersmarine.com, 281-453-1111, or visit smoothwatersmarine.com.

Swiss Re Capital Markets has successfully structured and placed the issuance of $925 million of insurance-linked securities by Ursa Re Ltd., to be used for the protection of the California Earthquake Authority (CEA). The transaction is one of the largest indemnity, annual aggregate catastrophe bonds and covers California earthquakes.

Swiss Re Capital Markets underwrote the transaction through two classes of principal-at-risk variable rate notes issued by Ursa Re Ltd., a Bermuda exempted company licensed and registered as a special purpose insurer under the Bermuda Insurance Act 1978 and related regulations, each as amended.

The CEA entered into two reinsurance agreements with Ursa Re Ltd. receiving protection on an indemnity, annual aggregate basis, against residential homes for earthquake damage in California. Ursa Re Ltd. collateralized its liabilities under the reinsurance agreements via the issuance of $425 million Class B Notes and $500 million Class E Notes to capital markets investors. Both Classes of Notes have a three-year risk period starting May 17, 2017.

Swiss Re Capital Markets acted as the sole structuring agent and joint bookrunner.

The Ursa Re Ltd. notes were sold pursuant to Rule 144A of the U.S. Securities Act of 1933, as amended (the “Securities Act”) and have not been registered under the Securities Act or any state securities laws; they may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.

Willis Towers Watson, a global advisory, broking and solutions company, announced an agreement with Roost, an innovator in smart home technology. The two companies intend to help the property insurance industry take advantage of the Internet of Things by establishing a Home Telematics Consortium comprised of five to 10 U.S. insurance carriers.

The consortium will combine household data to measure the effectiveness of home telematics devices on mitigating insurance losses for water and fire, as well as increasing customer engagement. Carriers will offer their policyholders a kit made up of the Roost smart 9v battery (for smoke alarms) and Roost smart water leak detectors that deliver notifications to customers’ smartphones when a suspected water leak or fire event occurs. Willis Towers Watson will analyze the consortium’s policy and claim data, appended with Roost’s telematics data, then communicate the results to the consortium members.