Archive for July, 2023

According to Conduit Re CEO Trevor Carvey, when it came to securing the reinsurers first slice of retrocession from the catastrophe bond market this year, the pricing for the firm’s debut $100 million Stabilitas Re Ltd. (Series 2023-1) was “in our sweet spot.”

Global reinsurer SCOR has reported strong property and casualty reinsurance renewals at the middle of the year, citing a goal to optimise value creation and technical returns across its portfolio.

Everest Group, formerly known as Everest Re, has reported record growth in its reinsurance segment, as the company leaned into the hard market conditions to secure higher returning business.

Insurance-linked securities (ILS) investor appetite may still be challenged towards the end of this year, which alongside a lack of confidence that any meaningful reinsurance start-ups could get to market in time for the renewals, leads RenaissanceRe’s CEO Kevin O’Donnell to believe the hard market can persist.

Lumen Re, the rated reinsurance company of LGT ILS Partners, the specialist dedicated insurance-linked securities (ILS) investments unit of the private bank and asset manager LGT Capital Partners, has reported higher net premiums, revenues and profits for 2022, although gross premiums written declined in the year.

CSC, a provider of global business administration and compliance solutions, has announced the hiring of former Citi executive John Cuciti as a Senior Product and Relationship Manager for Delaware Trust Company, with a remit to help expand its escrow, project finance and reinsurance trust business.

RenaissanceRe has reported a significant year-on-year uplift in its fee income earned from third-party reinsurance capital and insurance-linked securities (ILS) operations, with the second-quarter 2023 seeing the total earned rise by 65.5% to $56.7 million.

Fronting specialist Clear Blue Insurance Insurance Group has had its A- financial strength rating placed under review with negative implications by AM Best as the fall-out from the Vesttoo collateral issues continues.

RenaissanceRe (RenRe), the Bermuda headquartered global reinsurance firm and third-party capital management specialist, has reported raising $350.5 million of new capital from investors largely for catastrophe bond strategies during the second-quarter of 2023.

Insurtech Vesttoo has issued an updated statement related to the allegations that some of the letter of credit (LOC) collateral used to underpin its transactions was forged or fraudulent.