Archive for April, 2021

Amer Ahmed, the Chief Executive Officer of Allianz Re, the reinsurance unit of global player Allianz, is to step down from the role at the end of the month following nine years of leadership at the firm.

Catastrophe exposed property insurance rates in the United States rose significantly again in the first-quarter of 2021, continuing the trend seen through last year, according to MarketScout.

Elementum Advisors, LLC, the insurance-linked securities (ILS) fund management and collateralised reinsurance underwriter, has announced the promotion of Lynette Pirilla Walter to Chief Legal Officer of the asset manager and the hiring of John Drnek of RenaissanceRe’s as General Counsel for its Bermuda operation.

Tropical storm and hurricane research meteorologists at Colorado State University have issued a forecast calling for 8 hurricanes, 4 of them major, during the 2021 Atlantic hurricane season, while also forecasting an above-average chance of major hurricane landfalls occurring.

Tremor Technologies, the insurtech offering a technology-based programmatic insurance and reinsurance risk transfer marketplace, has announced a senior addition to its Board, with the former PartnerRe CEO Emmanuel Clarke joining.

Mike Sapnar, the former CEO of global reinsurance firm TransRe has now surfaced as Global Head of Insurance Solutions for the Stone Ridge owned NYDIG, tasked with leading the firms creation of bitcoin-powered products and services for the global re/insurance industry.

Sources have told us that Japanese insurance group Tokio Marine has opted to redeem a $150 million tranche of its Kizuna Re II Ltd. (Series 2018-1) Japan earthquake focused catastrophe bond, as the notes have not faced any loss events in the three years since their issue.

While widespread subrogation related to winter storm claims payments against Texas energy organisation the Electric Reliability Council of Texas, Inc. (ERCOT) hasn’t emerged and in some quarters is thought unlikely, one insurer is seeking to hold ERCOT accountable for some of its costs from the freeze event in the State.

Strong demand from insurance-linked securities (ILS) investors, in particular for publicly traded catastrophe bonds, helped to moderate overall reinsurance renewal price increases at April 1st, according to Willis Re.

Aspen Insurance Holdings Limited has returned to the catastrophe bond market for a renewal of its international multi-peril coverage from the capital markets, seeking to sponsor a $225 million Kendall Re Ltd. (Series 2021-1) transaction.