Archive for February, 2023

While new capital was seen to flow to some retrocessional reinsurance opportunities around the January 2023 renewals, the pace is not keeping up with outflows or demand for protection, Aon’s Reinsurance Solutions explained recently.

Chinese insurance giant Ping An Property & Casualty Insurance continues to develop innovative parametric insurance products that support the green and blue economy, with the latest being a parametric index trigger product that provides ocean carbon sink risk protection.

Verisk Extreme Event Solutions, formerly AIR Worldwide, has estimated that economic losses from the devastating earthquakes that struck Turkey will reach above US $20 billion, while the insurance and reinsurance industry faces a bill of above US $1 billion.

Insurance giant AIG is making good on its promise to develop an even more third-party capital backed structure for its Private Client and high-net-worth property business, partnering with investor Stone Point to launch a new MGA.

In a sign that the catastrophe bond market has indeed found an equilibrium and that pricing levels have potentially peaked, at least for issuers with strong underwriting track records, global reinsurance company Ariel Re is seeking to secure even lower pricing for its latest Titania Re Ltd. (Series 2023-1) cat bond.

Artemis has learned that international specialty insurance and reinsurance group Chaucer plc, part of the China Re group of companies, has successfully placed a renewal of its Thopas Re fully-collateralized reinsurance sidecar structure for 2023.

On Friday February 10th, more than 380 attendees at our annual ILS NYC 2023 conference in New York heard industry expert speakers explaining the significant potential for the catastrophe bond and ILS market to reach new heights this year and beyond.

The same reinsurance renewal pressures experienced at the January renewals this year are anticipated to persist for the April and July 1st renewal seasons for buyers in Asia Pacific, according to Aon Reinsurance Solutions APAC CEO George Attard.

Reinsurance broker Gallagher Re has made a key hire in its Global Practice for Public Sector & Climate Resilience Solutions, adding Gian Sandosh Semadeni from CelsiusPro as its new Parametric Solutions Lead.

At the end of 2022, the Bermuda Stock Exchange (BSX) was home to more than 89% of the world’s catastrophe peril linked reinsurance securities, which amounted to roughly $34 billion of insurance-linked securities (ILS) risk capital outstanding.