Archive for September, 2023

Analysis from global reinsurance firm Swiss Re reveals that, while building code improvements in Florida have dramatically reduced the potential for insured losses from storms and hurricanes, that reduction is dwarfed by the huge gains in exposure in the state.

“We do not expect a new class of global reinsurers to emerge anytime soon,” rating agency AM Best has said in a recent report on the sector, seeing a greater chance of consolidation than any Class of 2023 or 2024 wave of new reinsurance companies being launched.

In the wake of Tom Johansmeyer, the former Head of Verisk unit PCS, joining the Ardonagh Group reinsurance broking division Inver Re in Bermuda, the company has now launched an integrated global index practice and sees an advantage in leveraging his experience in ILW’s.

If the insurance and reinsurance industry is to truly narrow and ultimately close protection gaps, the upsurge in demand for cover that would result from this means the capital markets have a key role to play, Christian Mumenthaler, the CEO of global reinsurer Swiss Re told us recently.

As the Chapter 11 bankruptcy case involving insurtech Vesttoo rolls on, the court has filed a now fourth interim order to enforce the automatic stay against Aon’s White Rock Insurance (SAC) Ltd. and the Joint Provisional Liquidators for the White Rock cells, while it’s also agreed that no legal discovery will be undertaken in the […]

Munich Re Trading, the division of the global reinsurance firm focused on providing weather and commodity solutions, including derivatives, index and parametric risk transfer, has hired a senior executive from Arbol, as John Coleman joins it to lead origination for agriculture opportunities in North America.

The African Risk Capacity (ARC) has designed a parametric risk transfer solution that will be integrated with a World Bank designed social protection program for Malawi, to provide emergency financing in response to drought conditions in the country.

In a statement released by the beleaguered insurtech, Vesttoo notes that some of the creditors to its bankruptcy are questioning the independence of the initial investigation, which it only notes “has been commenced”, suggesting it is not yet over and there will be more information to come.

Parametric insurance and data-driven risk transfer specialist managing general agency (MGA) Descartes Underwriting has announced the hiring of Ola Jacob as its new UK & Ireland Business Development Director.

Rating agency AM Best has cited higher reinsurance costs, higher reinsurance retention levels, elevated natural catastrophe and secondary peril costs, as well as rising loss costs, inflation, and supply chain disruptions as reasons it has turned its outlook to negative on the US homeowners insurance sector.