Archive for August, 2023

Insured property losses from the wildfire that devastated the Maui town of Lahaina in Hawaii have been estimated at around $3.2 billion by catastrophe risk modelling specialist Karen Clark & Company.

In court documents filed to petition against the freezing of its assets, insurtech Vesttoo has said the move would be catastrophic for the company, with its interim CEO saying it would “destroy” Vesttoo’s business.

The Florida Office of Insurance Regulation (OIR) recently approved Texas-based property and casualty (P&C) insurer, Mainsail Insurance Company, as a new domestic insurer following legislative reforms earlier this year. At the same time as the approval of Mainsail Insurance, the second domestic firm approved to become an authorised P&C insurer in the State of Florida […]

While there was a bit of a “bonanza” in terms of capital pouring into reinsurance from the capital markets a few years ago, things have now become more balanced and ILS capital appears more disciplined, according to Swiss Re’s CEO Christian Mumenthaler.

Climate risk insurtech The Demex Group has raised $5 million from a syndicate of new and existing investors to deliver its severe convective storm (SCS) and other secondary peril focused solution, Retained Climate Risk Reinsurance (RCR Re), to market.

Global insurance and reinsurance broker Aon has strengthened its Risk Capital capabilities with the appointment of Joe Peiser as Chief Executive Officer (CEO) of Commercial Risk Solutions and Paul Shedden as head of advanced risk analytics for Risk Capital.

Twelve Capital, the Zurich-headquartered insurance-linked securities (ILS), catastrophe bond and reinsurance investment manager, has said that it expects no direct losses from the wildfires in Hawaii, while typhoon Lan’s passage through Japan is not expected to cause much of an impact to its portfolios.

Insurance and reinsurance market loss estimates for the devastating wildfires in Hawaii are currently ranging from $1 billion to around $3 billion, but it remains very early days in identifying the true costs of the devastating catastrophe Maui has faced.

Beleaguered insurtech Vesttoo has filed for Chapter 11 bankruptcy protection in the United States, as the company seeks “breathing room” to allow it the time to pursue legal action against those it feels are responsible for the crisis it faces, while also likely seeking protection against the legal action it faces from others such as […]

When Bermuda based reinsurance and third-party capital management specialist RenaissanceRe closes on its acquisition of the Validus reinsurance business from AIG, its CEO believes it will cede risk from the acquired company to investors in its ILS and joint-venture vehicles at a similar rate to how it operates today.