Archive for October, 2022

Palomar Insurance Holdings, the speciality California-headquartered insurer that provides largely catastrophe exposed property products, looks set to benefit from reinsurance recoveries to help it pay claims after hurricane Ian, as the company expects a full retention loss due to the storm.

Cincinnati Financial Corporation looks unlikely to benefit from either reinsurance or retrocession support for its losses from hurricane Ian, as the firm’s exposure to the storm fell within its retentions.

AXIS Capital, the Bermuda headquartered specialty insurance and reinsurance underwriter, has pre-announced an estimated $212 million ($186 million, after-tax) of catastrophe and weather losses for the third-quarter of 2022, including $160 million from hurricane Ian.

Florida Chief Financial Officer (CFO) Jimmy Patronis has floated a plan to significantly tighten up and introduce new rules to combat insurance fraud in the wake of major hurricane Ian, with an all-out ban of Assignment of Benefits (AOB) one of the possible legislative measures.

The catastrophe bond market index calculated by Swiss Re Capital Markets stabilised at its last calculation on Friday 14th October 2022, with a slight rise seen due to spread widening as secondary trades picked up pace following hurricane Ian.

Realised losses from hurricane Ian for the catastrophe bond market could end up being as little as half the initial, and still current, mark-to-market decline in the outstanding cat bond market, sources have told Artemis and our analysis also backs this up.

Accelerant, the insurtech that aims to help its members exchange and transfer risk more effectively and also connect them with long-term capital, has made a key hire in Jay Green, an executive with significant insurance-linked securities (ILS) experience, who will join the company as its Group Chief Financial Officer.

Munich Re has announced that Thomas Blunck will take over as the management board member in change of reinsurance at the company, as long-standing senior executive Torsten Jeworrek steps down.

Speaking this morning at a briefing held in advance of the annual Baden-Baden reinsurance meetings in Germany, Thomas Blunck, member of the board of management at Munich Re, explained that trapped ILS capital after hurricane Ian could influence reinsurance renewals across the European region.

US primary insurance giant Allstate has pre-announced a range of items that added up to make the third-quarter a particularly challenging one for the company, but positively for the carrier its reinsurance tower has responded to losses from hurricane Ian and a $305 million recovery is anticipated.