Archive for September, 2023

Acrisure Re, the reinsurance broking unit of the Acrisure group, has announced its expansion into the catastrophe bond market, with the hiring of two experienced insurance-linked securities (ILS) executives in Zurich, Sandro Kriesch and Patrick Witteveen.

A new industry loss index specifically for primary cyber insurance market loss events in the United States has been launched by data aggregator PERILS AG alongside industry-backed cyber data firm CyberAcuView.

Swiss Re, one of the largest global reinsurance companies, said today that the hard market in property catastrophe lines is expected to continue, as a supply-demand disequilibrium persists and profitability remains challenged for the non-life re/insurance segment.

Aon’s Reinsurance Solutions team intends to push reinsurers and ILS funds for rate reductions, in areas of the market where real competition is seen, with the higher-layers of towers likely to receive the most focus for price improvements for clients at the January 2024 renewals.

For global insurance and reinsurance group Everest, the Mt. Logan Re Ltd. third-party capital vehicle is a key strategic priority for the long-term, one that the company intends to grow, COO and Head of Reinsurance Jim Williamson told us.

The Chief Financial Officer (CFO) of the specialist Lloyd’s insurance and reinsurance marketplace, Burkhard Keese, called on the industry to be more diligent in light of the ongoing fraudulent LOC issue surrounding insurtech Vesttoo.

London Innovation Underwriters has been established by the listed Financials Acquisition Corp, a special purpose acquisition company launched in 2022 by sector executives William Allen and Andrew Rear, with a plan to deploy capital into the Lloyd’s market via London Bridge 2 PCC, to generate insurance-linked returns for investors.

Alternative reinsurance capital, largely deployed in insurance-linked securities (ILS) formats, remained static at its $100 billion at the mid-point of 2023, according to insurance and reinsurance broker Aon.

While the industry will spend its time poring over the initial findings of the fraud investigation at Vesttoo, one thing that stands out is the fact internal red flags were raised over the two purported Chinese “investor” groups as early as 2021, while the report also raises a question over whether they are even real […]

The CCRIF SPC (formerly known as the Caribbean Catastrophic Risk Insurance Facility), has announced that at its renewals this year, some 66 parametric insurance policies were renewed by its members, while the member base also grew and the risk diversification within the pool continues to expand.