Archive for November, 2023

Fitch Ratings forecasts that property catastrophe reinsurance renewal rate increases will decelerate in 2024, with an average increase expected to be below 10% at the January renewal season.

CatX, a digital catastrophe and parametric risk exchange start-up, has announced a successful raise of a $2.7 million seed funding round, as it looks to ramp up its mission to connect re/insurers with efficient sources of alternative reinsurance risk capital.

Acting as a front or transformer for insurance-linked securities (ILS) funds and investors is an increasingly important part of global reinsurance firm Hannover Re’s business and there is evidence these activities grew further for the company in the first-half of 2023.

Delivering a speech in Canberra today, Andrew Hall, the Executive Director and CEO of the Insurance Council of Australia (ICA) explained that insurance and reinsurance markets are repricing risk globally and for reinsurers, writing risk in Australia is no longer seen as the diversifying hedge it used to be.

We’re told that the sum total of assets and so value that could be distributed in Vesttoo’s pending liquidation under the bankruptcy proceedings, is estimated to be below $25 million, which suggests creditors that lost significant value due to the reinsurance letter of credit (LOC) fraud are likely to be left unsatisfied, so may look […]

Aspen Capital Markets, the third-party and alternative reinsurance capital management unit of global re/insurer Aspen, has raised new funds for its third-party capital and insurance-linked securities (ILS) vehicles, taking total assets under management to $1.5 billion at the end of September 2023.

The insurance and potentially reinsurance industry loss continues to creep higher from the severe flooding in Europe that impacted the Emilia-Romagna Region of Italy in May 2023, with PERILS adding another 4% to its estimate to take it to €509 million.

CelsiusPro AG, the Swiss headquartered weather index insurance and parametric risk transfer specialist, and New Zealand based primary insurance group Tower are partnering to deliver parametric cyclone insurance to Pacific nations.

Recent results from major Italian primary insurance companies have clearly evidenced that reinsurance terms, conditions and higher attachments are driving higher retention of catastrophe losses, eroding insurer performance, Fitch Ratings has highlighted.

The financial strength ratings of fronting specialist Clear Blue Insurance Insurance Group have been removed from negative watch by AM Best, but the rating agency notes that some uncertainty remains, due to the impacts and effects of the letter of credit (LOC) fraud instigated by employees of insurtech Vesttoo.