Archive for July, 2023

US primary insurer Travelers is the first major carrier to report second-quarter 2023 results and has also disclosed changes to its reinsurance program from the recent renewals, but the elevated level of catastrophe losses experienced may be the main talking point.

RenaissanceRe, the Bermuda based reinsurer and third-party ILS capital manager, has announced that Robin Lang is being named as permanent Group Chief Risk Officer, to succeed Ian Branagan in the role.

Australian headquartered insurance and reinsurance giant QBE said this morning that recent severe convective storm activity in the United States have created additional pressure on its catastrophe loss costs and caused it to revise its catastrophe budget upwards.

Investment giant Blackstone has successfully secured its targeted $250 million of multi-peril, named storm and earthquake, and indemnity based catastrophe insurance protection for its real estate funds, through the new Wrigley Re Ltd. (Series 2023-1) cat bond transaction.

Private equity specialist investment manager Bain Capital has raised a $1.15 billion fund targeted at deployment into opportunities in the insurance and reinsurance space.

A new report from Israeli tech media group Calcalist claims that the audit at insurtech Vesttoo has turned up an issue with letters of credit (LOCs) that total a significant sum in collateral held for transactions facilitated by the company.

While the Lloyd’s of London insurance and reinsurance marketplace has been advancing an innovation and modernisation agenda in recent years, broker Aon believes the market’s insurance-linked securities (ILS) ambitions could help it harness the progress its made.

Aeolus Capital Management Ltd., the Bermuda based reinsurance and insurance-linked securities (ILS) investment fund manager, has been the beneficiary of fresh investor client inflows in advance of the mid-year renewals, we understand, taking its overall assets under management (AUM) to $3.9 billion.

We return to London on Tuesday September 5th for our next insurance-linked securities (ILS) market conference, with Artemis London 2023 our second event held in the city and there are now only a few days left to secure a ticket at the best possible price.

A new report from reinsurance broker Gallagher Re pegs global insurance and reinsurance industry losses from natural hazards at $52 billion for the first half of 2023, of which 69%, or $35 billion is from the severe convective storm (SCS) peril.