Michel Liès, Group CEO of global reinsurance firm Swiss Re, said at an event yesterday that while the current re/insurance market environment provides challenges and opportunities, those reinsurers offering capacity alone could be in trouble.
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Platinum Underwriters Holdings is the first of the reinsurance firms to announce its third-quarter 2014 earnings and there appears to be little change to its strategy of adapting to soft market conditions by pulling back on all lines of business.
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The third-quarter of 2014 saw both a below average frequency of catastrophic loss events and below average insurance industry losses as a result, according to the latest data from Property Claim Services (PCS) Q3 2014 catastrophe report.
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The CEO of the Lloyd’s of London insurance and reinsurance market, Inga Beale, said recently that the alternative capital which has entered the market should be used as an opportunity to grow into uninsured and underinsured risks.
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Bermuda domiciled hedge fund style reinsurance and hybrid investment platform Till Capital Ltd., has now signed a definitive agreement to acquire Toronto-based insurance provider Omega Insurance Holdings, Inc.
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Hurricane Gonzalo, the seventh named storm of the 2014 Atlantic Hurricane Season, formed to the east of the Leeward islands at the beginning of this week and has steadily intensified to Category 3 major hurricane status and poses a severe threat to Bermuda.
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The month of September saw lighter secondary market trading for positions in catastrophe bonds and insurance-linked securities (ILS), but stronger returns were again seen as outstanding cat bond and ILS marks continued to rise due to seasonality.
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The Ariel Re led property catastrophe reinsurance consortium at Lloyd’s, which is billed as an alternative to collateralized reinsurance markets, is set to expand its capacity to lines of up to $100m, while also expanding to include international business.
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Analysis from Alliance Bernstein researchers shows that the property and casualty insurance sector needs to continue to take rate increases of between 5% and 10%, if it is to earn its cost of capital in the aggregate, which likely also applies to reinsurance.
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Specialist Bermuda-headquartered insurance-linked securities management, servicing, transformation and fronting firm Horseshoe Group has had its license to operate in Gibraltar approved, meaning Gibraltar is now open for ILS business.
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Demonstrating that nobody is immune to reinsurance market pricing trends, as the softening witnessed in recent months deepens and is expected to be a major feature of the upcoming January renewals, S&P has revised its outlook on Lloyd’s to stable.
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The current trend towards growth of multi-year reinsurance deals, as heightened competition pushes reinsurers to offer coverage enhancements to clients, could indicate a weakening of reinsurance underwriting standards, warns Standard & Poor’s.
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Tropical storm Gonzalo, the seventh named storm of the 2014 Atlantic Hurricane Season, has formed to the east of the Leeward islands and is expected to become a hurricane in the coming days. The forecast models do not expect any U.S. threat to emerge from this storm.
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Here are the ten most popular news articles, week ending 12th October 2014, on catastrophe bonds, reinsurance capital and related risk transfer topics, from the last seven days on Artemis. To ensure you never miss a thing subscribe to the weekly Artemis email newsletter updates.
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