Archive for October, 2019

Florida headquartered and expanding primary insurer United Insurance Holdings (UPC Insurance) said that it expects its third-quarter 2019 results will be dented by roughly $61 million of retained catastrophe losses and adverse development from previous events.

CCRIF (formerly named the Caribbean Catastrophe Risk Insurance Facility) has expanded its parametric insurance risk pool with the addition of a new member in Central American nation Guatemala.

Retrocessional reinsurance focused investment manager Markel CATCo Investment Management has now established specific loss reserves for recent catastrophes hurricane Dorian and typhoon Faxai.

The recent announcement from Pacific Gas and Electricity (PG&E) of an insurance subrogation settlement totalling $11 billion may eventually provide some benefit to ILS funds that were exposed to losses from certain 2017 and 2018 California wildfire events.

An early estimate suggests that Japanese typhoon Hagibis could eventually drive in excess of $10 billion of insurance and reinsurance industry losses, which when added to the other recent typhoon Faxai could see the 2019 typhoon season leaving a larger dent in the industry than 2018’s Jebi and Trami combined.

U.S. primary insurance group FedNat Holding Company said that its third-quarter 2019 catastrophe losses are unlikely to trigger any reinsurance support for it. This despite the fact the company reduced its retentions for the current calendar year.

Nephila Capital has undergone its first full rebrand in its near 22 year history, as the largest manager of catastrophe, weather and climate insurance and reinsurance assets sets itself up for the future.

RenaissanceRe (RenRe), the Bermudian insurance and reinsurance underwriter and joint-venture capital manager, estimates that its net losses from third-quarter 2019 catastrophes will reach $155 million, after taking into account risk shared with third-party investors and loss of any associated fee income.

Global insurance and reinsurance firm Everest Re has pre-announced an estimate of its third-quarter 2019 catastrophe losses, saying it expects $280 million net impact, which analysts note is aligned on market-share estimates, but based on the highest estimates of industry loss.

The insurance and reinsurance industry loss from Hurricane Michael in Florida continued to slowly creep higher in the last two months, now having reached almost $7.2 billion according to the regulator in Florida.