Archive for May, 2024

The insurance and reinsurance industry loss estimate for European extratropical windstorm Ciarán from November 2023 has been raised by a futher 5.5% to reach €2.043 billion by PERILS.

An interesting new catastrophe bond transaction has come to light, as we’ve learned private investment firm Gallatin Point Capital LLC is to become the beneficiary of a cat bond to transfer some Florida hurricane risk from its investment portfolio, with a $150 million target for the Marlon Ltd. (Series 2024-1) issuance.

Clear Blue Insurance has amended its complaint against Aon, in the New York court lawsuit related to the reinsurance letter of credit (LOC) fraud perpetrated by insurtech Vesttoo, with the language strengthened and Aon now accused of soliciting the fronting specialist’s involvement in a scheme it says was structured and masterminded by the broker.

Markel has once again benefited from a return of value due to favourable loss development on the CATCo retrocessional reinsurance portfolio, booking a further $15.7 million in the first-quarter.

AXIS Capital, the Bermuda based specialty insurance and reinsurance company, recognised higher fee income from its work with third-party investors, or so-called strategic capital partners, during the first-quarter of 2024, with higher premiums ceded to partners as well.

Allstate has significantly lifted the top of its Nationwide excess catastrophe reinsurance tower to just over $7.9 billion, which is almost a $1 billion increase from the prior year and catastrophe bonds are filling out much of the upper-layers.

Assets under management at Hiscox ILS, the dedicated insurance-linked securities (ILS) unit of the Hiscox Group, slipped to $1.5 billion at April 1st 2024, as planned outflows continued to facilitate investor liquidity, but this was offset by capital raised into the firm’s new reinsurance sidecar and other ILS funds.

Revenues earned through the Nephila Capital insurance-linked securities (ILS) investment management business by owner Markel almost doubled in the first-quarter of 2024, while Nephila Capital’s assets under management (AUM) were stable for the period.

For Bermuda based reinsurance company and third-party capital manager RenaissanceRe, the fee income earned from its joint-venture and insurance-linked securities (ILS) operations has become a significant contributor to earnings and the second-quarter is expected to see these fees rise by around 23% year-on-year, its leadership said today.

Canopius Reinsurance (Canopius Re), the dedicated reinsurance arm of specialty re/insurance underwriter the Canopius Group, has announced the hiring of a new CUO and CFO in Bermuda, as it looks to build-out a team tasked with expanding its reinsurance capacity, part of which will come from third-party investors.