Archive for July, 2023

Farmers Insurance has become the latest major US insurance carrier to announce it is easing-back somewhat from writing property business in California, saying it will cap the number of new policies written each month now.

Insurance industry losses from severe weather in the United States are estimated to have surpassed $26 billion year-to-date by broker BMS, with its senior meteorologist Andrew Siffert noting that “almost no place has been safe from severe weather.”

Canadian property and casualty insurer, Intact Financial Corporation, has reported pre-tax catastrophe losses of an estimated CA $421 million, net of reinsurance, for the second quarter of 2023, driven by the record-setting series of wildfires in the country.

Capital raised in reinsurance and insurance-linked securities (ILS) year-to-date remains far below the level required to threaten the current hard market cycle, according to analysts at J.P. Morgan.

London headquartered specialty insurance and reinsurance firm Beazley is moving its ESG consortium out of the Lloyd’s Syndicate In A Box (SIAB) framework to sit under its third-party capital backed Smart Tracker syndicate 5623.

Reflecting investor sentiment and where capital is flowing to in the insurance-linked securities (ILS) market, asset manager Amundi US has been growing its new Pioneer Cat Bond Fund strategy, but the manager’s Pioneer ILS Interval Fund has continued to shrink.

The global insurance market is expected to continue experiencing a hard market in non-life risks through the rest of this year at least, with property risks an area of particular focus and also growth as premiums should continue to expand, Swiss Re has said.

A new Bermuda based Class 3 re/insurer and segregated accounts company has been set up by reinsurance broker Inver Re, a unit of the Ardonagh Group, with Inver Re (Bermuda) SAC Ltd. set to be used both as a captive vehicle and for collateralized reinsurance arrangements.

Global Atlantic Financial Group, the US life, retirement and annuities insurance and reinsurance company, has now closed on a successful more than $2.4 billion third-party capital raise for its second reinsurance sidecar structure, Ivy II.

European property and casualty (P&C) run-off specialist company Marco Capital Holdings Limited has now acquired the second former Credit Suisse ILS run Guernsey based reinsurance company Kelvin Re Limited.