Archive for December, 2022

Specialty earthquake-focused residential property insurance company GeoVera Insurance Holdings, Ltd.  is still on-track to sponsor its first catastrophe bond, but the $150 million Veraison Re Ltd. (Series 2023-1) deal has seen some changes to terms around extension spreads and its price guidance has risen, we’re told.

Having struggled in placing reinsurance in October and feeling that the January renewals could be a further challenge, the California Earthquake Authority (CEA) has successfully sponsored the largest catastrophe bond issue since hurricane Ian struck, securing a new $305 million Ursa Re II Ltd. (Series 2022-2) deal.

The Board of the Texas Windstorm Insurance Association (TWIA) is being urged to enter the catastrophe bond market and plan for a renewal of expiring Alamo Re notes sooner than normal, as market conditions could make the placement more challenging.

For industry loss warranty (ILW) markets opportunities are plentiful heading into 2023, but it’s up to the industry to take advantage of it as more concepts are expected to continue to gain traction, according to Tom Johansmeyer, Head of PCS, Verisk Insurance Solutions.

The proposed bill containing property insurance industry reforms for the state of Florida has passed the Senate Banking and Insurance Committee unchanged, the first hurdle it faces this week.

The property insurance related legislation currently being debated by lawmakers during Florida’s Special Session is seen as “historic” by the CEO of the state’s insurer of last resort, Citizens Property Insurance Corporation.

The eruption of the Fuego volcano in Guatemala on Sunday has not resulted in a triggering of the Danish Red Cross catastrophe bond, although it is one of the volcanoes covered under the risk transfer agreement, Artemis can report.

The U.S. Federal Emergency Management Agency (FEMA) has adjusted its estimate of flood insurance claims losses for the National Flood Insurance Program (NFIP) from hurricane Ian slightly, raising the lower-end of the range to $3.7 billion, but dropping the top-end slightly to $5.2 billion at the same time, putting it a little further from where […]

Descartes Underwriting, an insurance technology (insurtech) focused managing general agency (MGA) that specialises in parametric and data-driven risk transfer products, has announced the launch of a full-stack insurer, named Descartes Insurance.

Kenyan reinsurance company ZEP-RE is partnering with Planet Labs, a satellite imagery and data provider, to develop enhanced indices that can be used within the trigger and calculation process for parametric drought insurance products in Africa.