Tremor Technologies, the insurtech operator of a programmatic risk transfer marketplace, has said that on average its reinsurance pricing and placing platform enables cedents to achieve full programs, in authorised capacity terms, in less than 72 hours.
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Hurricane Ian is seen as an additional catalyst for hardening reinsurance rates, by global giant Swiss Re, who warns that its impact “will extend beyond Florida and add to pre-existing drivers of rate increases such as claims inflation.”
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The African Risk Capacity (ARC), a provider of parametric disaster insurance products, has launched its first epidemic risk transfer product, with the parametric insurance backed by Munich Re as the lead reinsurance company and initially covering Senegal.
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Bermuda based specialist reinsurance firm and third-party capital manager RenaissanceRe has returned to the catastrophe bond market to sponsor a $150 million or greater Mona Lisa Re Ltd. (Series 2023-1) cat bond, to cover risks in its own portfolio and that of its flagship partner capital vehicle DaVinci Re.
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Sompo International, the global P&C insurance and reinsurance arm of Sompo Holdings, is set to be the beneficiary of a $100 million or larger Sakura Re Ltd. (Series 2022-1) catastrophe bond that seeks US-focused natural catastrophe coverage for the company.
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Lloyd’s syndicate owner and specialty insurance and reinsurance underwriter Inigo has successfully secured $110 million of fully-collateralized property catastrophe reinsurance from the capital markets, as its new Montoya Re Ltd. (Series 2022-2) has now been priced.
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Global insurance and reinsurance broker and advisory Aon has made a number of senior changes within the leadership for its White Rock transformer, fronting and insurance management vehicle.
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In a report on the challenged Florida property insurance marketplace and legislative efforts to reform the sector, rating agency AM Best has warned that reinsurance costs could reach breaking point at June 2023’s renewals, surpassing the level of affordability.
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The Arkansas Teacher Retirement System, a state pension fund that provides retirement solutions to Arkansas education professionals, saw its insurance-linked securities (ILS) allocation shrink further in the last year, while the impacts of hurricane Ian also appear evident in the performance of its ILS portfolio.
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The Florida Office of Insurance Regulation (OIR) has approved the run-off plan for the UPC Insurance owned carrier United Property & Casualty Insurance Company (United P&C), with the insurer now placed under administrative supervision.
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From January 1st 2023, specialty insurance and reinsurance underwriter Beazley’s Smart Tracker special purpose arrangement (SPA) syndicate 5623 will now become a full market-facing syndicate at Lloyd’s.
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Analysts at investment bank Goldman Sachs have concluded that US property catastrophe reinsurance rate increases may fall above 50% at upcoming renewals, while other areas of the world are also likely to see some of the steepest increases in two decades.
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Positive news for Florida’s insurance carriers this morning as the Office of Insurance Regulation (OIR) has stated that mortgage giants Fannie Mae and Freddie Mac have provided guidance that says they will accept insurance policies backed by a temporary reinsurance arrangement through Citizens Property Insurance Corporation.
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The outbreak of severe flooding that affected parts of southeastern Australia during the month of October 2022 has been estimated as a roughly AU $791 million insurance industry loss by catastrophe data aggregator PERILS.
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