Archive for March, 2022

Despite attempts to reform the Florida property insurance market and the fact newly litigated claims dropped in February 2022, the litigation exposure of P&C insurance carriers in the state remains a concern, according to Wesley Todd, CEO of CaseGlide.

RenaissanceRe, the Bermuda headquartered reinsurance underwriting firm and third-party capital manager has appointed long-serving employee and former global property catastrophe head Cathal Carr to lead its climate and sustainability strategy.

HSCM Ventures has led a Series A funding round totalling $10 million for Layr, an insurtech that utilises artificial intelligence and machine learning technologies to help brokers and agencies more efficiently manage their small commercial insurance books.

Florida’s Citizens Property Insurance Corporation is debating buying anything from zero to over $3.4 billion of new reinsurance and risk transfer in 2022, with catastrophe bonds an option as usual.

A significant insurance and reinsurance M&A transaction has just been announced, with Warren Buffett’s conglomerate Berkshire Hathaway set to acquire Alleghany Corporation, the owner of reinsurer TransRe, in an all-cash deal valued at $11.6 billion.

US primary insurance carrier Allstate has lifted the target for its first catastrophe bond of 2022 to $550 million of multi-peril reinsurance protection, while the pricing for each tranche of Sanders Re III Ltd. (Series 2022-1) notes is set for the mid or upper-ends of guidance.

Claims from Australia’s recent severe flooding event continued to be counted over the weekend, with the total rising another 2% and the Insurance Council of Australia’s (ICA) industry loss estimate rising to AU $2.3 billion as a result.

Here are the ten most popular news articles, week ending March 20th 2022, covering catastrophe bonds, ILS, reinsurance capital and related risk transfer topics. To ensure you never miss a thing subscribe to the weekly Artemis email newsletter updates or get our email alerts for every article we publish.

A new special purpose insurer (SPI) has been registered in Bermuda named Fuchsia Re Ltd. and Artemis’ sources suggest the owner, sponsor, or beneficiary is expected to be specialist Lloyd’s focused insurance and reinsurance company Beazley.

The Brazilian government has published new legislation in its official gazette for what are being termed “Letra de Risco de Seguro”, or LRS and translates to Letter of Insurance Risk, which are insurance-linked securities (ILS) laws, as the country looks to encourage risk transfer and reinsurance to the capital markets.