Archive for November, 2022

As of the third-quarter of 2022, global reinsurance giant Hannover Re had expanded its activities in the insurance-linked securities (ILS) and collateralised reinsurance space to include more than 1,500 program participations fronted for.

USAA, the U.S. primary mutual insurer, has upsized its latest catastrophe bond, so the Residential Reinsurance 2022 Limited (Series 2022-2) is now set to provide the company $195 million of reinsurance protection, while pricing of both tranches of notes settled at the top-end of initial guidance, Artemis has learned.

The Florida Office of Insurance Regulation (OIR) says that insured losses estimated off claims data submitted by primary insurers in the state after hurricane Ian now stand at almost $10.3 billion.

Allianz Global Corporate & Specialty (AGCS) has announced an impending expansion of its Alternative Risk Transfer team, as the global insurance and reinsurance player continues to expand the use of non-traditional risk transfer and capital solutions for its clients.

Liberty Mutual Reinsurance, the global reinsurance underwriting arm of the US insurance group, has hired an executive with experience of the traditional and alternative or ILS capital sides of the market, appointing Ly Lam to a newly created Chief of Staff position.

MS Reinsurance, the Zurich headquartered global reinsurer and part of the MS&AD insurance group, has announced the hiring of Marlin Ramlal as Senior Underwriter, Property in Bermuda.

London headquartered specialty insurance and reinsurance firm Beazley has promoted Ellie Horner to the role of Group Head of Ceded Reinsurance, filling the position from within as its previous holder William Mills has departed to Allianz Global Corporate & Specialty (AGCS).

Andy Marcell, the CEO of Aon’s Reinsurance Solutions, has highlighted the slow and delayed start to the reinsurance renewals and implies the lack of quoting activity has become an issue, calling on reinsurance markets to “move towards” risk at this renewal, not away from it.

Reinsurance renewal negotiations continue, but we’re told some placement proposals delivered for market feedback are receiving short-shrift, with carriers’ pushing back and asking for more rate.

Legislative leaders in Florida have announced the dates for a Special Session to address property insurance and reinsurance issues in the state, with the Session to be held from December 12th to 16th.