Archive for July, 2021

Qualifying catastrophe losses through the first-half of 2021 have now eroded through roughly 79% of US primary insurer Travelers retention for its aggregate catastrophe reinsurance layer.

The Bermuda Monetary Authority (BMA), the financial regulator for one of the world’s most important insurance and reinsurance markets, has announced a change at the top, as its current Deputy CEO Craig Swan will take over the CEO role from October 1st, with current CEO and Executive Chairman Jeremy Cox set to depart.

Upwards of 43,400 buildings are estimated to have been impacted by the recent severe flooding in Europe, a minimum 7,500 of which are thought to have been impacted by high flood waters and so likely will drive relatively significant insurance claims, data from ICEYE shows.

Alternative reinsurance capital levels, largely from insurance-linked securities (ILS), has once again increased over the last quarter of record as reported by broker Aon, to reach $96 billion as of the end of March 2021, with collateralized reinsurance returning to growth.

At EUR 5 billion or above, the insurance and reinsurance loss from flooding in Europe over the last week or so will still be a relatively minor impact to the industry, but combined with other recent severe storm losses analysts at Bank of America believe there could be some upward pressure on pricing at the […]

Shevawn Barder, Chief Executive Officer (CEO) of reinsurance MGA, AM RE Syndicate Inc., discussed recently how the US specialty risk-focused firm is keen to broaden its underwriting model with the right capital partners.

Global reinsurance giant Munich Re has said that its second-quarter result will be helped by a lower incidence of natural catastrophe losses, which will help it deliver an above consensus estimate roughly EUR 1.1 billion of profit for the period.

US primary insurer Travelers has reported lower catastrophe losses for the second-quarter of 2021, but its year-to-date run-rate continues to outpace the prior year, as its aggregate net catastrophe losses have reached above $1.3 billion by the middle of this year.

Mercury Insurance, a California headquartered property casualty insurer, has secured $50.7 million of California wildfire reinsurance protection through a Randolph Re (Series 2021-1) private catastrophe bond issued using Aon’s platform.

HCI Group Inc. and its digital insurtech company TypTap have expanded and re-organised their catastrophe reinsurance arrangements, with growth meaning a significant amount more in limit across first and second events has been purchased at the renewals.