Archive for May, 2024

Florida’s Citizens Property Insurance Corporation, the state’s insurer of last resort that is currently in the catastrophe bond market with a new issuance that could approach $1.25 billion in size, expects that the rate-on-line across its reinsurance and risk transfer purchases for the 2024 hurricane season could be slightly higher than the prior year.

Executives from global reinsurance firm Hannover Re said today that there is no sign of new capital in the reinsurance market aside from through the catastrophe bond sector and some unlocked trapped collateral, and also discussed the Baltimore Bridge collapse saying that retrocession recoveries are anticipated.

The catastrophe bond market recently suffered one of its most significant weekly declines outside of the US hurricane season, with industry-index trigger cat bonds leading the way and almost all pricing down, Florian Steiger, CEO of Icosa Investments has said.

Florida’s Citizens Property Insurance Corporation, the insurer of last resort that is currently in the catastrophe bond market with a new issuance that could approach $1.25 billion in size, is set to increase its budget for reinsurance and risk transfer spend for 2024 to a maximum of $750 million.

With our ILS Asia 2024 conference in Singapore being held in less than two months, on July 11th, we are now delighted to announce that the Monetary Authority of Singapore (MAS), the central bank and financial regulatory authority, will join us again to start the day.

Global reinsurance company Hannover Re expects that the current “high levels” seen in the reinsurance industry can be sustained and it does not expect much change at upcoming renewals.

Porch Group, the owner of insurer Homeowners of America Insurance Company (HOA) which was impacted by the Vesttoo reinsurance letter of credit (LOC) collateral fraud, has now taken the step of suing broker Gallagher Re, claiming it “grossly mismanaged” the administration of the reinsurance.

Global reinsurance firm Swiss Re has made a new business development hire within its Alternative Capital Partners (ACP) division, appointing experienced insurance-linked securities (ILS) executive Charles Mixon as Senior Business Development Manager.

Dutch pension PFZW, which is the single largest end-investor in insurance-linked securities (ILS) through its portfolio that is administered by PGGM, has taken a $175 million dividend from Vermeer Reinsurance Ltd., the joint-venture and rated underwriting vehicle that RenaissanceRe manages on its behalf.

As spread widening in the catastrophe bond market accelerated in recent weeks, the Plenum CAT Bond UCITS Fund Indices recorded their first negative week since back in December 2022, ending a 73 week long-run of positive average returns across the tracked cat bond funds.