Archive for May, 2023

SageSure, the expansive catastrophe exposed property underwriting specialist managing general underwriter (MGU), has received significant backing from two prime companies in the re/insurance and investments space, insurance origination and distribution specialist Amwins and private investor Flexpoint Ford.

Acrisure Re, the reinsurance broking unit of the Acrisure group, has hired former Railway Pension Investments Limited (RPMI Railpen) employee James Turner as a Vice President within its Corporate Advisory & Solutions unit, Artemis has learned.

Catastrophe reinsurance providers hold most of the cards for the impending Florida renewals at June 1st, with even legislative efforts to improve the situation “missing the mark” in some cases, a market update from Stonybrook Capital states.

A tranche of FloodSmart Re catastrophe bond notes that provide reinsurance to the US Federal Emergency Management Agency’s (FEMA) National Flood Insurance Program (NFIP) have now been deemed safe from potential loss due to hurricane Ian, with the notes redeemed and capital to be returned to investors, Artemis has learned.

Legislative changes undertaken to reform the Florida property insurance space have “mitigated some of the investor and reinsurer negative sentiment” surrounding exposure in the state, according to United Insurance Holdings Corporation CEO Dan Peed.

Global reinsurance group SCOR has slashed the price guidance for its new Atlas Capital DAC (Series 2023-1) multi-peril retrocession focused catastrophe bond issuance, with updated spread guidance indicating a roughly -11.5% fall.

The third session of the day at our Artemis ILS NYC 2023 conference, held in New York on February 10th 2023, saw industry leaders discussing the Florida insurance and reinsurance market, exploring the state of play and how it come overcome some of the challenges that are faced.

Investors are inching back to the catastrophe bond market as issuance volume reached about $2 billion in April despite rising cat losses, AM Best said in a recent webinar. Cat bonds could be on course for a record quarter, having recorded $2.05 billion in April 2023 compared to $490 million in 2022 and $1.33 billion […]

Florida’s Citizens Property Insurance Corporation is looking to upsize its latest catastrophe bond issuance significantly, with now up to $600 million of one-year collateralized reinsurance sought from the dual-series issuance of Everglades Re II Ltd. (Series 2023-1 & 2023-2) notes.

Lumen Re, the main reinsurance underwriting vehicle of LGT ILS Partners, the specialist dedicated insurance-linked securities (ILS) investments unit of the private bank and asset manager LGT Capital Partners, has seen its loss ratio reduce significantly, according to rating agency AM Best.