Archive for October, 2019

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Swiss Re may cede more risk to sidecar Sector Re: CFO Dacey

Global reinsurance firm Swiss Re is watching for potential opportunities in the retrocession market as this segment reacts to repeated losses and issues with trapped collateral, that the reinsurer believes may attract investors to work more closely with it.Swiss Re already cedes a portion of its property catastrophe risks to read the full article →

California wildfire activity continues, but Kincade better contained

Updated Fri Nov 1st, 9:00am GMT to reflect latest property figures: California's wildfires continued to burn overnight, with a number of new smaller blazes breaking out and now upwards of 400 structures destroyed, while firefighters made progress in containing the largest Kincade fire.As of Thursday evening local time, the Kincade read the full article →

Oversubscription adds reinsurance cost, shows market inefficient: Tremor

Oversubscription in reinsurance placements is a sign of an inefficient market, as it suggests that in many cases cedents are unable to optimally price their risk, according to programmatic insurance and reinsurance risk transfer marketplace insurtech Tremor Technologies Inc.Tremor Technologies offers a platform designed to bring efficiency to the placement read the full article →

Expected double-digit retro firming an opportunity for Everest Re: Doucette

Everest Re is anticipating double-digit rate increases across the retrocessional reinsurance market at the January renewals, which the company believes it is well-positioned to take advantage of, although it aims to be selective.This could also benefit the third-party investors backing Everest Re's collateralized reinsurance sidecar like vehicle Mt. Logan Re, read the full article →

Covéa’s Hexagon II Re cat bond fixed at €120m, at lowest pricing

French mutual insurance society Covéa Group's new catastrophe bond, the Hexagon II Reinsurance DAC (Series 2019-1) transaction, will secure the firm €120 million of collateralised reinsurance coverage from the capital markets, having upsized by 20%.It's Covéa Group's second catastrophe bond issuance, following on from its €90 million Hexagon Re DAC read the full article →

Faxai loss to near $10bn, Hagibis $15bn, climate change a factor: RenRe CEO

The CEO of reinsurance firm RenaissanceRe said that his company believes typhoon Faxai could drive as much as a $10 billion industry loss, while the more recent typhoon Hagibis could a roughly 50% larger bigger at approximately $15 billion.The figures are certainly at the higher-end of current industry estimations (or read the full article →

Swiss Re P&C unit falls to underwriting loss on cats & large losses

Swiss Re's property and casualty reinsurance underwriting division fell to a technical underwriting loss as large losses and catastrophe events dented its results over the first nine months of the year.Swiss Re has reported solid overall performance with group net income reaching $1.3 billion for the first nine months of read the full article →

RenRe & Markel expect typhoon Hagibis losses to eclipse Faxai

Company specific loss estimates from leading insurance and reinsurance firms for recent typhoon Hagibis appear to confirm that the industry impact of that storm are going to eclipse that of the other recent Japan typhoon Faxai.Typhoon Faxai was first to strike Japan in early September, leading to a forecast for read the full article →

Argo’s results to be dented by catastrophes & adverse development

Bermuda headquartered international specialty insurance and reinsurance firm Argo Group is expecting its third-quarter results to be dented by catastrophe losses and adverse development from prior years.The re/insurer pre-announced details of the forecast hit to its results last night, saying that hurricane Dorian and typhoon Faxai would cause an immediate read the full article →

Nephila Capital revenues rise again for Markel, as CATCo costs slow

Markel Corporation has reported rising revenues earned through the operations of its insurance-linked securities (ILS) and reinsurance investment manager Nephila Capital, with year-to-date the total reaching an impressive almost $125 million.Markel has been fully reporting the revenue contribution it receives from the activities of the Nephila Capital ILS and reinsurance read the full article →