Archive for April, 2022

Governor of Florida, Ron DeSantis has revealed his intention to call a special legislative session in May, with one of the primary goals being to debate and enact some property insurance market reforms in an attempt to slow the developing insurance crisis in the state.

March saw a resurgence in the number of litigated property insurance claims at Florida’s largest P&C insurers, while litigated claims related to the assignment of benefits (AOB) increased at their fastest rate since 2019, according to CaseGlide.

Palomar Insurance Holdings, the speciality California-headquartered insurer that provides largely catastrophe exposed property products, is back in the catastrophe bond market, sponsoring its third issuance, with a Torrey Pines Re Ltd. (Series 2022-1) deal through which it is seeking $300 million or more of US earthquake reinsurance protection.

The second catastrophe bond to be sponsored by relatively new insurance and reinsurance company Vantage Risk Ltd. has seen a significant increase in pricing, with the still $65 million Vista Re Ltd. (Series 2022-1) issuance seeing the mid-point of guidance rising 16% while marketing.

France-headquartered global reinsurance company SCOR has said it expects the conflict in Ukraine and other natural catastrophe events will cause it to report a loss for the first-quarter of 2022, with a high double-digit million Euro charge expected to hit its results.

PERILS AG has this morning given a clearer picture of where we should anticipate the industry loss to insurance and reinsurance markets to settle after the eastern Australia flooding this year, putting its initial figure at close to AU $4 billion (close to US $3bn).

Kin Insurance’s debut $175 million Hestia Re Ltd. (Series 2022-1) catastrophe bond issuance is expected to be an “integral” component of the fast-growing insurtech’s reinsurance tower, according to its Chief Insurance Officer.

U.S. primary insurance carrier group, FedNat Holding Company, had its main insurer entity, FedNat Insurance Company, downgraded on Friday, after Demotech took away its vital ‘A’ rating.

The ultimate insurance and reinsurance industry loss from the ongoing conflict in Ukraine could rise above US $20 billion, according to analysis from PCS, a Verisk company, which has provided some data the ILS market may find helpful in understanding what, if any, exposure its structures may hold.

Here are the ten most popular news articles, week ending April 17th 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.