Archive for December, 2022

The package of reforms targeting Florida’s beleaguered property insurance sector that passed the House of Representatives this week will “save the insurance industry” according to Slide CEO Bruce Lucas, who also said that the reforms can make Florida’s market more attractive for reinsurance capital providers.

GeoVera Insurance Holdings, Ltd., the specialty earthquake-focused residential property insurance company, has now secured its debut Veraison Re Ltd. (Series 2023-1) catastrophe bond at the initial targeted size of $150 million, despite the pricing rising significantly for the higher risk tranche of notes issued.

The retrocessional reinsurance renewals remain in an almost stand-off situation, with many reinsurers unclear how much retro protection they can go into 2023 with, as quotes are still in short-supply. But, at the same time, it seems there are plenty of potential buyers out there.

Reinsurance Group of America (RGA) has completed a new US $1.7 billion longevity risk transfer arrangement that featured a swap and reinsurance provision for Cincinnati-based diversified financial services and life insurance specialist Western & Southern Financial Group.

The package of reforms to Florida’s property insurance market contained in the Bill being debated during this week’s Special Session has now passed its final real hurdle in the Legislature, having been approved in the House of Representatives. It’s a meaningful step in the right direction, but no panacea for all of Florida’s future insurance […]

Investors in two of primary mutual insurer USAA’s outstanding and loss affected catastrophe bonds have received additional returns of collateral from the structures, with approximately $17.44 million delivered back to holders of each set of notes, Artemis has learned.

Hurricane Ian’s impacts in Florida and on its property insurers could have sounded a death knell for many of them, were it not for the support they’re receiving from their catastrophe reinsurance arrangements, ALIRT Insurance Research has said.

Prudential Financial, Inc. of the United States has provided reinsurance to back a £7 billion longevity swap and risk transfer arrangement for the Barclays Bank UK Retirement Fund, a pension scheme and fund managing assets on behalf of UK employees of the bank.

Against the backdrop of increasing impacts from climate change, consultancy EY has suggested that property catastrophe reinsurance rates need to rise by 50% at the 2023 renewals, just to offset rising costs of claims and to restore profitability for the re/insurance sector.

Global reinsurance giant Munich Re has released new profit guidance under IFRS 17, with the new accounting regime lifting figures materially, but analysts believe the hard market will also be a significant factor in the €4bn target for 2023.