Archive for May, 2023

Toka Tū Ake EQC, or the New Zealand Earthquake Commission, has lifted the top of its reinsurance tower to a new high of $8.2 billion at this years renewal, with the addition of its first Totara Re 2023-1 catastrophe bond helping it diversify its sources of protection.

The returns possible in insurance-linked securities (ILS) investments remains at a near record, as the Eurekahedge ILS Advisers Index continues to track at its highest performance level since 2007.

Forecast group Tropical Storm Risk (TSR) is maintaining its forecast that the 2023 Atlantic hurricane season will see below-normal levels of activity, but it has added one named storm to the forecast in an update delivered today.

Captive insurance structures are still largely a self-insurance tool for their sponsors, but there is a market there for captives that might look to offload risks, or books of business, towards the end of their lives, David Gibbons of PwC Bermuda told us in a recent video interview.

Helios Underwriting, the Lloyd’s of London focused investment and underwriting vehicle that counts some insurance-linked securities (ILS) market sources among its capital backers, is aiming to expand its business through the rest of this year, with more third-party capital targeted to support the build out of its portfolio.

Palomar Insurance Holdings has purchased a reinsurance tower extending to $2.68 billion for earthquake events, with multi-year ILS capacity from its catastrophe bonds now providing $875 million of limit, thanks to its recently completed fourth cat bond deal.

We’ve learned that Elementum Advisors, LLC, the insurance and reinsurance linked asset manager, has raised $150 million from investors for deployment to opportunities presented by market dislocation at the mid-year renewals.

Universal Insurance Holdings, Inc. has purchased first-event catastrophe reinsurance coverage of up to $2.831 billion, citing no significant change in reinsurance markets traded with, or the terms of coverage secured at its renewal.

PERILS AG, the catastrophe loss data aggregator service, has named a new CEO to replace the outgoing Luzi Hitz, with Christoph Oehy of Swiss Re set to take on the role from November 1st.

At the mid-year reinsurance renewals our market sources are suggesting that availability of retrocession is far better than was seen at 1/1, with rate increases also decelerating more than had perhaps been anticipated just weeks ago.