Archive for October, 2023

The insurance, reinsurance and insurance-linked securities (ILS) market is not hard, at least not in the traditional sense of the phrase hard market, but it has experienced a generational shift, with the cost of reinsurance capital structurally reset at higher levels, according to speakers at the recent Convergence event in Bermuda.

As the Chapter 11 bankruptcy case of beleaguered insurtech Vesttoo continues, the latest is that insurance and reinsurance broking giant Aon has agreed that the Committee of Unsecured Creditors can conduct some legal discovery on its entities, including White Rock.

In a further sign of frequency hitting insurers at a time when they are generally retaining more risk, Italian insurance giant Generali has already exceeded its 2023 annual budget for catastrophe losses by the end of the third-quarter.

Across the first nine months of 2023 analysis from insurance and reinsurance broker Aon suggests there have already been 32 billion dollar insured catastrophe loss events, setting a new record, while severe convective storms (SCS) had driven over $60 billion of insured losses by end of September.

Property catastrophe reinsurance renewals at January 1st 2024 are anticipated to see continued firm pricing conditions, with reinsurers looking to hold the line on terms and attachment points, according to Guy Carpenter President and CEO Dean Klisura.

US primary insurer Allstate has updated on its catastrophe losses suffered through September and all of the third-quarter, which added to its Q2 tally takes the insurers pre-tax total for the first six months of the annual aggregate year for its catastrophe bonds to $3.88 billion.

Beazley, the London headquartered specialty insurance and reinsurance underwriter, is at an advanced stage of planning for its first full Rule 144a cyber catastrophe bond, with an issuance expected by year-end to tie in with the maturity of its private cyber ILS deals and its cyber reinsurance renewal for January 1 2024, Artemis has learned.

Bermuda headquartered re/insurer Arch Capital is back for the first time in over one year to sponsor a new series of mortgage insurance-linked securities (ILS) to boost its reinsurance arrangements, targeting $186.6 million or more in coverage from this Bellemeade Re 2023-1 Ltd. issuance, Artemis can reveal.

Global reinsurance giant Munich Re said this morning that it has additional capacity available for natural catastrophe risks, as long as the market remains disciplined and price as well as terms and conditions continue to be appropriate.

Leadenhall Capital Partners LLP, the London-headquartered specialist insurance-linked securities (ILS) and reinsurance linked investment manager, has signed a new ILS fund distribution agreement with Bennelong Funds Management, part of the BFM Group.