Archive for January, 2024

Insurance giant AIG made good on its promise to invest into some of the third-party capital backed reinsurance joint-venture vehicles operated by RenaissanceRe at the start of 2024, with a $350 million deployment to two structures.

Gallagher Re, the reinsurance broking arm of the Gallagher group, has announced that Dirk Spenner will become International CEO, as Tony Melia is set to retire after a career of more than 40 years.

The narrowing of catastrophe bond spreads in recent months and into early 2024 is reflective of the strong investor demand for this segment of insurance-linked securities (ILS), interest which may continue to build as the fading interest rate environment is expected to increase the relative appeal of ILS again, analysts at BofA Securities said.

Reinsurance broker BMS Re, part of the BMS Group, has announced that its chief executive officer Pete Chandler is stepping down from the CEO role, to become vice-chair, with Andrew Wheeler and Russ McGuire now appointed as interim co-CEOs

Catastrophe bonds and insurance-linked securities (ILS) newly listed on the Bermuda Stock Exchange (BSX) in 2023 soared by 195, taking the total value of all ILS securities listed on the exchange to a new high of $59.15 billion.

While disagreements over a consolidated approach to liquidating the Vesttoo bankruptcy estate, versus a more segregated approach that makes assets available to the cedents involved in certain reinsurance deals, continues, the Official Committee of Unsecured Creditors have now accused Chaucer of “lying in wait” before launching efforts to secure value for itself.

At the recent January reinsurance renewals there was widespread recognition in the market that “primary insurers are best suited to absorb frequency losses, while reinsurers are best placed to act as a shock absorber,” according to Gianfranco Lot, Chief Underwriting Officer (CUO) of P&C Reinsurance at Swiss Re.

RenaissanceRe, the Bermuda based reinsurance and third-party capital management specialist, has successfully added almost $495 million in new third-party capital across some of its joint-venture and insurance-linked securities (ILS) structures in time for January 1st 2024.

The rising cost of reinsurance is identified as the key driver of a recent North Carolina homeowners insurance rate filing that indicates a 42.4% increase, according to research and advisory firm Assured Research.

The successful issuance of the first full cyber catastrophe bonds in late 2023 was a watershed moment and the role of risk models in helping insurance-linked securities investors get up to speed on what is still a relatively new peril to the ILS sector was key, executives at Moody’s RMS told us in an Artemis […]