Archive for January, 2019

The largest independent insurance broker Lockton has named Jerry Ridge as the new Head of Reinsurance of its Lockton Re reinsurance broking division, a role he will take on when George Carrington retires this Spring.

The United States Congress will again hear a bill in 2019 that calls on lawmakers to codify a requirement for the Federal Emergency Management Agency (FEMA), as the administrator of the U.S. National Flood Insurance Program (NFIP), to utilise reinsurance and capital market risk transfer solutions.

Primary U.S. insurance firm Travelers successfully renewed its $2 billion corporate catastrophe excess of loss reinsurance treaty and added a brand new $500 million aggregate property catastrophe excess of loss treaty at the recent January 2019 renewals.

The World Bank’s pandemic catastrophe bond remains at-risk as the spread of the Congo Ebola virus disease outbreak continues and agencies look nervously at borders in the region, with the risk of international transmission considered very high.

42 billion-dollar severe weather and natural catastrophe events along with the impacts of a particularly costly global tropical cyclone year and higher than average wildfire losses, all aggregated to drive a $90 billion annual nat cat loss to insurance and reinsurance interests, according to Aon.

Bermuda headquartered pure-play reinsurance firm PartnerRe has expanded its third-party capital activities at the renewal, adding a new Torricelli segregated account to its Lorenz Re sidecar vehicle and completing a $67 million quota share with investors.

ABR Reinsurance Capital Holdings Ltd. (ABR Re), the total-return or investment oriented reinsurance joint-venture vehicle established by re/insurer Chubb alongside asset manager Blackrock, has hired a new Underwriting Director.

Markel Corporation has confirmed its commitment to insurance-linked securities (ILS), telling the Board of the exchange listed Markel CATCo managed retrocessional reinsurance investment fund that it remains part of the firms long-term strategy.

The loss to insurance, reinsurance and some ILS fund interests from the recent major hail storm and severe convective weather outbreak that hit the Sydney and surrounding area of Australia in December has risen, with the industry impact now above A$871 million.

U.S. and global primary insurance firm Chubb said that it expects fourth-quarter 2018 catastrophe losses after reinsurance will cost the company $585 million before tax, with hurricane Michael and the California wildfires the major contributors to the loss.