Archive for March, 2022

The Insurance Council of Australia (ICA) has provided an updated insurance industry loss estimate for recent tropical cyclone Seroja of $346.7 million, while the loss from recent severe flooding in Australia has also continued to rise overnight.

RMS, the catastrophe risk modelling specialist company, has announced the hiring of reinsurance focused catastrophe analytics specialist Julie Serakos as its new Senior Vice President, Head of Model Product Management.

Insurance-linked securities (ILS) investment fund manager Fermat Capital Management has entered into a partnership with ICEYE, a provider of satellite data and services to inform decision-making and analysis, to gain more granular data and insights into flood events and other natural hazards.

Rate increases alone are no longer considered sufficient to improve the underwriting results of insurance-linked securities managers and reinsurance firms, according to AM Best, who believes that after consecutive years of heavy catastrophe losses the only answer is continued improvement of the quality of portfolios of risk.

Vesttoo, the insurtech that uses proprietary artificial intelligence and machine learning to help companies assess and transfer risks to the capital markets, has closed on an aggregate stop-loss treaty reinsurance arrangement for a large Lloyd’s syndicate, with Acrisure Re broking the deal.

The insurance-linked securities (ILS) sector continues to mature and as it does so new opportunities are presenting themselves, which senior Partners from global law firm Mayer Brown believe could help to stimulate continued market growth in ILS.

Peak Capital, the insurance-linked securities (ILS) investment fund manager operation of Hong Kong based reinsurance firm Peak Re, has made a new hire, adding Derrick Holmes as its new Head of Finance, Operations and Compliance.

The insurance and perhaps reinsurance industry loss from European windstorm Nadia, also known as Malik, has been initially estimated at EUR 272 million by PERILS AG.

Direct-to-consumer and fast-growing insurtech Kin Insurance is entering the catastrophe bond market for the first time, seeking $100 million of Florida hurricane reinsurance protection with a Hestia Re Ltd. (Series 2022-1) issuance.

Over the weekend, industry insured loss estimates from the Australia flooding in Southeast Queensland and New South Wales rose by another 8% to surpass AU $2 billion for the first time, according to the Insurance Council of Australia (ICA).