Global reinsurance company Swiss Re reported its third-quarter and nine month 2024 results this morning, revealing that Q3 large natural catastrophe losses of $743 million dominated the year-to-dates $813 million, while hurricane Milton is expected to fall below $300 million for the company in Q4.
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DaVinci, the sidecar-like third-party capitalised reinsurance joint-venture vehicle operated by RenaissanceRe has received an upgrade from Moody’s, with the ratings agency citing DaVinci’s increased scale and long-term profitability as key drivers.
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Ariel Re has again increased the target size for its new Titania Re Ltd. (Series 2024-1) catastrophe bond transaction, with now as much as $325 million in multi-peril industry-loss triggered retrocessional reinsurance sought, while once again new and lower price guidance is being offered.
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Ruby Re, Reinsurance Group of America’s (RGA) third-party life reinsurance sidecar, has now raised a total of $480 million in capital following the close of its second funding round, which is near the upper limit of the $400 million to $500 million target range for the Missouri-domiciled vehicle.
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A 2022 project under the Tripartite Agreement which was launched to help strengthen the financial resilience of flood-prone communities in Ghana, has successfully delivered two parametric insurance products: the Excess Rainfall Cover and the Flood Footprint Product.
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According to James Squires, Head of Multi Asset and Partner at Baillie Gifford, the risk-based premium structure of insurance-linked securities encourages important mitigation and resilience measures by communities, governments, and insurance providers.
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Reflecting the last few year’s recovery of value story in the Markel CATCo retrocessional reinsurance investment portfolio, the London listed fund entity is now set to buy-back the majority of its shares at a much higher net asset value than had previously been achieved in earlier share redemptions.
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The U.S. Federal Emergency Management Agency (FEMA) has provided a preliminary estimate of National Flood Insurance Program (NFIP) losses from hurricane Helene, putting the initial figure in a range from $3.5 billion to as much as $7 billion.
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Kathleen Faries, CEO of Artex Capital Solutions, has noted that as the insurance-linked securities (ILS) market nears 2025, headline challenges include upholding underwriting discipline, securing long-term profitability, and applying lessons from the past with careful capital management to bolster investor confidence.
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Giving an outlook for reinsurance renewals in 2025, Kevin O’Donnell, CEO of RenaissanceRe, explained last week that he anticipates retentions will remain around the levels they have been reset to, while rates will trade around current levels, despite an expectation of around $10 billion of incremental property catastrophe demand.
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After positioning itself in advance of the US hurricane season through Q2 this year, the City National Rochdale Select Strategies Fund, a US mutual insurance-linked securities (ILS) fund that invests in industry-loss warranties (ILW’s) and industry-index trigger catastrophe bonds, was relatively flat in AUM terms.
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Indicative of a broader and still developing trend we’ve been covering in recent years, of multi-asset managers adding catastrophe bonds and other insurance-linked securities (ILS) as eligible assets within prospectuses, KKR and Capital Group have begun marketing a pair of 40’s Act interval style mutual funds with ILS part of their remit.
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Lockton Re, the reinsurance arm of the independent brokerage, has announced the hiring of Edward Tyler from rival Gallagher Re, who joins the company in London as a Senior Retrocession and Property Specialty broker.
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While lawsuits against insurers in Florida are said to have declined again across the first three quarters of 2024, the claims environment following hurricane Milton is expected to provide a “true test” for the legislative reforms that were enacted to reduce the litigious property insurance environment in the state.
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