Archive for May, 2019

Aon has promoted Jay Demeusy to the role of US Vice Chairman of its Reinsurance Solutions business, a position he will take on alongside existing responsibilities.

Arcus Syndicate 1856 at Lloyd’s, which is backed by third-party funds under the management of the Credit Suisse insurance and reinsurance linked investment strategies team, has hired Nick James from Markel to become its underwriting manager for North America property treaty reinsurance.

The industry loss warranty (ILW) market offers an attractive investment opportunity at this point in time, as market dynamics have reduced available capacity, meaning fewer coverage providers exist right now and ILW returns are on the rise.

Emerging markets and climate insurance focused  insurtech start-up WorldCover has partnered with the world’s largest ILS fund manager Nephila Capital, who will now provide some of the firms reinsurance protection through its Lloyd’s syndicate 2357.

United Insurance Holdings (UPC Insurance) said it secured $400 million of catastrophe reinsurance limit in loss affected layers of its program that renews in June, while also extending its quota share and negotiating improved terms.

Reinsurance firm Munich Re has continued to grow through the first-quarter of the year and into the April renewals, taking advantage of higher pricing, but in reporting its results today revealed loss creep from Jebi and higher claims, which have served to dent profits.

Bermudian reinsurance firm and third-party ILS capital manager RenaissanceRe has reported that it ceded much of its growth in catastrophe business to its Upsilon vehicle in the first-quarter, while its fee income from third-party capital grew year-on-year.

Geneva Re Ltd., a new Bermudian reinsurance company, has been launched as a partnership joint-venture by Ryan Specialty Group (RSG) and U.S. based insurer Nationwide that looks set to add capital efficiencies to both firms platforms.

The insurance-linked securities (ILS) fund sector needs to adopt robust valuation practices, particularly for less liquid reinsurance assets, according to a guidance note from the Standards Board for Alternative Investments (SBAI).

Hiscox Re & ILS, the reinsurance and third-party capital focused unit of the global insurer, has been taking underwriting actions following the losses of the last two years, but isn’t convinced anticipated rate rises in Florida will be sufficient.