Archive for February, 2024

European headquartered re/insurer Zurich has further adjusted its catastrophe reinsurance arrangements for 2024, adding a new top-layer of protection in Europe, so lifting the top of that tower, while reducing its US all-perils retention so coverage will attach earlier there.

Another settlement agreement has been reached between the Official Committee of Unsecured Creditors in the Vesttoo bankruptcy case and two of the affected cedents, in this case Beazley and Porch, with these cedents agreeing to support the bankruptcy plan and gaining rights to a portion of the funds held in debtor vehicle Vesttoo Bay XIX […]

There are benefits to sponsoring a catastrophe bond in the way it allows ceding companies to stagger their reinsurance or retrocession renewals across the year, according to Conduit Re CEO Trevor Carvey.

Lauren Crane, analyst in the Insurance-Linked Strategies team at Neuberger Berman, suggests that the extreme perception of climate change may “present an opportunity rather than a threat” to the ILS market.

The SureChoice and Elevate reciprocal exchanges are set to benefit from additional named storm reinsurance protection via a new catastrophe bond, as coastal property managing general underwriter SageSure is back in the market with an up to $200 million Gateway Re Ltd. (Series 2024-1) issuance.

Morocco’s government received a $275 million payout from its parametric earthquake insurance policy after the devastating earthquake that occurred in 2023 and the parametric policy is being renewed again, to provide a similar level of cover for 2024, we understand.

The Tel Aviv District Court has dismissed insurtech Vesttoo’s initial attempt to claim damages from its two ousted co-founders and the persons that worked to source investors, who were implicated in the letter of credit (LOC) fraud scheme.

The Board of the Texas Windstorm Insurance Association (TWIA) met today and has confirmed a 1-in-100 year PML for 2024 funding purposes at a new high of $6.5 billion, meaning the insurer of last resort will seek to require just over $4 billion in reinsurance limit for the 2024 wind season.

The stage is being set for what could be the most significant year of growth the catastrophe bond asset class has ever experienced, as forecasts that new issuance could approach $20 billion suggest outright cat bond market growth of more than $8 billion is possible in 2024.

Another settlement has now come to light thanks to the mediation between Vesttoo bankruptcy creditors, with specialty insurance and reinsurance group Chaucer and the Official Committee of Unsecured Creditors agreeing a way forwards over $18.9 million of value attached to debtor entity Vesttoo Bay XXIV and importantly it appears also on a way forward for […]