Archive for October, 2022

FutureProof Technologies, a venture backed insurtech managing general agent (MGA) that follows an artificial intelligence driven algorithmic underwriting approach to hurricane exposed property risks, has made some key hires as it targets Florida excess and surplus (E&S) lines business.

Appleby, the specialist offshore law firm and fiduciary services provider, has announced the return of one of its insurance team, as Gary Harris returns as Partner after a spell with a reinsurance company on the island.

Global reinsurance giant Swiss Re is anticipating a “radical” adjustment in prices at the January 1 renewal season, according to comments from its Chief Financial Officer (CFO) John Dacey this morning.

After hurricane Ian, it’s likely spread widening already seen in the catastrophe bond market only gets wider, which means, alongside rising risk-free returns, cat bond investment yields are set to stay at record levels, Florian Steiger of Twelve Capital has said.

Universal Insurance Holdings, the Florida headquartered primary insurance carrier, hopes that its reinsurance strategy will insulate it from many of the hardening pricing dynamics being seen in the open marketplace, its CEO has said.

For Swiss Re, global natural catastrophe and severe weather events have been a significant driver of a net loss of $285 million for the first nine-months of 2022, led by the Q3 impacts of hurricane Ian.

Bermuda-based insurer and reinsurer Everest Re has $350 million of catastrophe bond limit that attaches at a $48.9 billion PCS industry loss threshold for Hurricane Ian, suggesting a potential recovery should PCS’ view of the ultimate industry loss rise from its current $40.9 billion estimate.

Enhancing the terms and conditions around cyber insurance and reinsurance coverage, especially around cyber warfare and what is excluded from policies, is an important factor that can attract new capacity, including from the capital markets, Claudia Hasse of Munich Re has explained.

According to Goldman Sachs equity analyst team, the “end of free money”, by which they are referring to the end of quantitive easing by Central Banks, is set to have ramifications for reinsurance pricing and also for the insurance-linked securities (ILS) market.

K2 Parametric, a parametric insurance managing general agency (MGA) launched last year by K2 Insurance Services, LLC, has partnered with global specialty insurance and reinsurance group, Chaucer, to boost its line size capability for a new parametric solution via the London market.