catastrophe reinsurance

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United swaps to aggregate for attritional catastrophe reinsurance layer

Property casualty insurance holding company United Insurance Holdings Corp. (also known as UPC Insurance) has swapped its per-occurrence catastrophe reinsurance program for a new one-year new aggregate excess of loss reinsurance program, at the January renewals.The new reinsurance program sees United retaining the first $15 million of aggregate catastrophe losses read the full article →

Greenlight Re continues to avoid inadequately priced business

Greenlight Re, the Cayman Islands domiciled, hedge fund strategy reinsurance firm backed by David Einhorn and his Greenlight Capital, Inc. hedge fund, has slashed its premiums written again in the last quarter as it declined to renew business deemed unprofitable.Greenlight Re reported net income of $60.7m for the fourth quarter read the full article →

State Auto swaps quota-share for cat designated aggregate reinsurance

Primary insurer State Auto Financial Corporation has replaced its quota-share catastrophe reinsurance for a new aggregate cover featuring PCS catastrophe designation, a good example of a traditional reinsurance product that is similar to a capital market one.The lines between traditional reinsurance treaties and capital markets or ILS backed collateralized reinsurance read the full article →

RenaissanceRe CEO says not actively looking for new third-party capital

Bermuda-based reinsurer and third-party reinsurance capital management specialist RenaissanceRe is not actively looking for new third-party investors in the current reinsurance market environment, according to CEO Kevin O’Donnell.RenaissanceRe is trying to manage its mix of balance-sheet, third-party and joint-venture sourced reinsurance capital in particularly difficult market conditions at the moment. read the full article →