Archive for February, 2022

ARX Holding, the Progressive-owned parent of American Strategic Insurance Group, is back in the catastrophe bond market with a US named storm focused issuance and is seeking $135 million or more in collateralized reinsurance protection from a Bonanza Re Ltd. (Series 2022-1) transaction.

Fidelis Insurance Holdings Limited, a specialist underwriter of insurance and reinsurance, appears to have performed a renewal transaction of sorts under its Socium Re collateralised and quota share focused reinsurance sidecar for 2022, Artemis has learned.

Global reinsurance giant Swiss Re was expansive in natural catastrophe risks at the January 2022 renewal season, reporting 24% growth in premiums, while property and casualty pricing rose 4% across the firms renewal book.

Universal Insurance Holdings, the Florida headquartered primary insurance carrier, has already got started on the renewals for its reinsurance arrangements, as the company looks to get ahead of the market and continues to take steps to restore profitability to its Florida book.

Swiss Re is back in the catastrophe bond market to sponsor its first issuance of the year and in a shift from the recent occurrence cat bonds it has sponsored, this new deal sees the reinsurance giant looking for $200 million or more in annual aggregate retrocessional protection with a Matterhorn Re Ltd. (Series 2022-1) […]

Hiscox ILS, the insurance-linked securities (ILS) and collateralised reinsurance underwriting unit of specialist underwriter Hiscox Group, had a successful renewals and now targets growth in 2022, with some additional assets raised for 1/1, Vincent Prabis explained in a recent video interview.

TransRe, the reinsurance underwriting brand of the Alleghany Corporation, slashed its catastrophe exposures at the January 2022 renewals, making a move to reduce exposure after a number of challenging years where cat losses have dented its performance.

The U.S. Federal Emergency Management Agency (FEMA) has hailed the successful completion of the issuance of its new $450 million  FloodSmart Re Ltd. (Series 2022-1)  catastrophe bond, which has expanded the capital markets participation in the National Flood Insurance Program’s (NFIP) reinsurance tower.

The Markel CATCo retrocessional reinsurance investment funds are seeking support from the US bankruptcy courts for the proposed buyout schemes, which is seen as a precondition for the buyout proceedings moving forwards.

Recent severe European windstorm activity from storms Dudley, Eunice and Franklin (Ylenia, Zeynep and Antonia) could drive losses of as much as EUR 5 billion for German, UK and Dutch insurers, Fitch Ratings has warned, but reinsurance could take the lions share.