Archive for April, 2022

Reflecting the relatively heavy first-quarter US severe weather toll, Florida headquartered but nationally expansive property and casualty insurer Heritage Insurance Holdings, Inc. has pre-announced nearly $64 million of expected losses.

Global insurance and reinsurance firm Everest Re continues to take steps to reduce its exposure to property catastrophe related volatility, with its writings of catastrophe excess-of-loss reinsurance business falling to just 16% of its first-quarter book.

The Governor of Florida Ron DeSantis has now issued an official proclamation calling for a special legislative session, specifically to address issues the state is facing in the property insurance and reinsurance marketplace.

The steady, positive returns delivered by insurance-linked securities (ILS) during times of broader financial market downturns, shows that the asset class offers reliable and consistent diversification potential for investors, according to PIMCO.

Florida’s Citizens Property Insurance Corporation is back in the catastrophe bond market to sponsor a $100 million or greater Everglades Re II Ltd. (Series 2022-1) transaction, from which it is seeking named storm reinsurance protection for its Personal Lines Account book of business.

Assets under management at Markel’s flagship insurance-linked securities (ILS) operation Nephila Capital declined slightly during the first-quarter of 2022, ending the period at $8.6 billion.

Broking group Howden, global reinsurance firm Munich Re and UK insurtech Skyline Partners have teamed up to develop a parametric hurricane insurance product for Jamaican farmers.

After Markel Corporation sold off the managing general agent (MGA) platforms created and owned by its flagship insurance-linked securities (ILS) investment manager Nephila Capital, it’s now become clear the combined value of the MGA’s was around $384 million.

The Travelers Companies, the property & casualty insurance giant from the United States, has returned to the catastrophe bond market for the first time in four years, seeking to renew at least a portion of its capital markets backed reinsurance by sponsoring a $300 million or larger Long Point Re IV Ltd. (Series 2022-1) issuance.

Catastrophe losses suffered during the month of March 2022, largely from tornadoes and severe convective weather affecting Texas and the southeast of the United States, have elevated Allstate’s first-quarter catastrophe losses to $462 million pre-tax.