Archive for May, 2024

Issuance of new catastrophe bonds and related insurance-linked securities (ILS) has already reached $10.9 billion in 2024 and has now broken the record for the first-half, while the amount of cat bond and related ILS risk capital outstanding has reached another new high as the market continues to grow.

Slide Insurance Company, the full-stack property insurtech company founded by Bruce Lucas in Florida, has successfully placed a $1.86 billion catastrophe reinsurance tower for 2024, of which some $410 million in collateralized reinsurance for the higher layers comes from the cat bond market, sourced by its three Purple Re issues.

The staff of the Texas Windstorm Insurance Association (TWIA) is set to recommend lawmakers consider a variety of ways to reduce its reinsurance purchases going forwards, primarily by amending the rules to allow other areas of statutory funding to be increased.

NormanMax Insurance Holdings, the US based parametric insurance and reinsurance group launched by former Universal founder and CEO and parametric MGA New Paradigm co-founder, Bradley Meier, has now been approved for and launched its dedicated parametric syndicate 3939 at Lloyd’s.

The insurance market wide loss from severe flooding in Europe that impacted the Emilia-Romagna Region of Italy in May 2023 has now been finalised with a 3% reduction from the last figure by PERILS, bringing its estimate to €495 million.

When global reinsurance firm Swiss Re announced its first-quarter results last week, the company also notified shareholders and markets that it intends to withdraw from its iptiQ business, a tech-focused initiative that effectively brought the giant balance-sheet of the reinsurer much closer to the risk.

We are delighted to announce four more expert speakers who will join us and share their insights with attendees at our upcoming catastrophe bond and insurance-linked securities (ILS) market conference in Singapore, ILS Asia 2024, which takes place on July 11th at the Suntec Convention Centre.

The maturity and importance of the catastrophe bond product has seen the asset class become more than just another option and develop into a strategic, tactical play for both investors and issuers, according to experts at Acrisure Re.

According to Florida’s insurance market regulator, the first downward trend in property insurance rate filings for years is now being seen, as companies look to provide better prices to their consumers and at least some of the benefits of recent insurance reforms appear to be flowing to policyholders.

Thanks to the very strong earnings generated by capital deployed into the reinsurance market last year and an expectation that strong earnings can persist through full-year 2024, analysts at Moody’s Investors Service believe investor interest in insurance-linked securities (ILS) could prove to be stronger than had been expected.