Archive for May, 2023

Munich Re has again lifted the target size for its new catastrophe bond, with the reinsurer now seeking up to $300 million of US named storm retrocessional reinsurance protection from the Queen Street 2023 Re dac transaction.

France headquartered global reinsurer SCOR is expecting market conditions to remain favourable at the mid-year reinsurance renewals in June and July, as it continues to reposition its portfolio under the backdrop of improving pricing and terms.

Artemis has learned that Chris Caponigro, the Global Head of AXIS ILS, the third party capital unit of Bermuda-based insurer and reinsurer AXIS Capital, is to depart the company this June.

At the fast-approaching June 1st reinsurance renewals, Florida focused insurance carriers are facing a “no-win situation”, with rate increases of as much as 50% expected, according to ALIRT Insurance Research.

During the first-quarter of 2023, RenaissanceRe saw its third-party capital assets under management (AUM) dedicated to property and casualty reinsurance business rise by $400 million, with the total reaching a new high of $6.6 billion in assets managed, at March 31st.

Catastrophe risk modeller Moody’s RMS is integrating Nasdaq’s Risk Modelling for Catastrophes (NRMC) service into its Intelligent Risk Platform, providing consolidated access to more than 300 risk models.

ICEYE, a provider of satellite data and services to inform decision-making and analysis, and Global Parametrics, the parametric and index-based disaster risk transfer company, have entered into a flood data agreement to support the development of innovative parametric solutions.

U.S. primary insurer Nationwide Mutual Insurance Company has now secured a doubling in size of its new catastrophe bond, with the Aquila Re I Ltd. (Series 2023-1) transaction set to provide the insurer $300 million of multi-peril reinsurance, while pricing of all the notes was finalised at levels below the initial spread guidance.

New York transport operator the Metropolitan Transportation Authority (MTA) is aiming to upsize its latest catastrophe bond, with up to $100 million in parametric storm surge protection now sought from the MetroCat Re Ltd. (Series 2023-1) transaction.

A third catastrophe bond of the year  to benefit underwriting entities linked to coastal property managing general underwriter SageSure has now been launched to investors, with a $75 million Gateway Re Ltd. (Series 2023-2) cat bond sought for the SureChoice and Elevate reciprocal exchanges.