Archive for August, 2023

RenaissanceRe’s acquisition of the treaty reinsurance operations of AIG, which include Validus Re, the Talbot reinsurance book, and the AlphaCat Managers ILS fund management unit, has been approved under EU Merger Regulation by the European Commission.

The Chinese coastline from Shanghai right the way around to Hong Kong and the Greater Bay area is all facing a threat of potentially destructive winds and storm surge, as super typhoon Saola and what is currently tropical storm Haikui approach.

Court filings and confirmation from sources have revealed a missing piece of information related to the invalid or fraudulent letter of credit (LOC) issues affecting Vesttoo facilitated collateralized reinsurance deals, with a Hong Kong investor group named Yu Po listed as a target for pre-trial discovery.

Early indications are that the insurance and reinsurance industry loss from hurricane Idalia is estimated to be in a range from the high single-digit billions of US dollars, to low double-digit billions, catastrophe bond and ILS investment manager Twelve Capital has said today.

Specialty London headquartered insurance and reinsurance company Beazley has launched a parametric tornado insurance product, which it claims is the first such admitted product in the US.

After broker Aon’s segregated accounts and transformer company White Rock Insurance (SAC) Ltd. and the joint provisional liquidators of cells of the structure, filed a Chapter 15 to gain greater control of the cells exposed to the Vesttoo fraud issue, the insurtech has now filed to have White Rock and the JPLs held in contempt […]

Early estimates for the insurance and reinsurance industry loss caused by the impacts of hurricane Idalia in Florida and southeastern US states appear to be in a range for roughly $3 billion to $9 billion, with most erring towards the lower-half.

The catastrophe bond market looks set to escape any significant impacts from hurricane Idalia, despite the fact a major storm landfall in the state of Florida is typically seen as one of the main events the cat bond market could be exposed to.

The eventual industry losses from hurricane Idalia are not expected to be that significant, with analysts at KBW saying they could be well below $10 billion, but also explaining that this should help to sustain demand for reinsurance.

Major hurricane Idalia has made landfall on the Florida Big Bend with winds around 125 mph near Keaton Beach at 7.45am EDT and now major hurricane impacts will spread through the landfall region of Florida, while hurricane and tropical storm impacts can be expected more widely and into Georgia and the Carolinas as well.