The same reinsurance renewal pressures experienced at the January renewals this year are anticipated to persist for the April and July 1st renewal seasons for buyers in Asia Pacific, according to Aon Reinsurance Solutions APAC CEO George Attard.
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Reinsurance broker Gallagher Re has made a key hire in its Global Practice for Public Sector & Climate Resilience Solutions, adding Gian Sandosh Semadeni from CelsiusPro as its new Parametric Solutions Lead.
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At the end of 2022, the Bermuda Stock Exchange (BSX) was home to more than 89% of the world’s catastrophe peril linked reinsurance securities, which amounted to roughly $34 billion of insurance-linked securities (ILS) risk capital outstanding.
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United Insurance Holdings Corporation has significantly increased its hurricane Ian gross loss estimate, adding over $500 million to the total, with much of that to be covered by reinsurance, but also causing the company to announce that United Property & Casualty Insurance Company is now expected to become insolvent.
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Australian insurer IAG has reported its first-half results for the 2023 fiscal year, which runs to the end of June and has updated on its experience with the recent New Zealand floods, after which it now expects to have eroded roughly 73% of the deductible sitting beneath its aggregate reinsurance.
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Here are the ten most popular news articles, week ending February 12th 2023, covering catastrophe bonds, ILS, reinsurance capital and related risk transfer topics. To ensure you never miss a thing subscribe to the weekly Artemis email newsletter updates or get our email alerts for every article we publish.
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Although Lancashire Holdings did engage with insurance-linked securities (ILS) investors at the late and complex January 1st, 2023, reinsurance renewals, the specialty re/insurer decided against raising new funds at its third-party capital collateralised reinsurance underwriting arm, Lancashire Capital Management Limited (LCM).
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The insurance-linked securities (ILS) market is undergoing a “dramatic repricing”, leading to a situation that Alex Conyers of Neuberger Berman explains as “an exceptional opportunity for investors looking for non-correlated returns.”
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Catastrophe bonds in the UCITS format have continued to add assets under management (AuM) at the start of 2023, with a further almost $200 million gain in January, taking the combined assets of those cat bond funds tracked to almost $9 billion.
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Despite the well-publicised impacts to pensions because of the global decline in asset values through 2022, US corporate pension funds actually ended the year with their largest funding surplus in decades.
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European headquartered re/insurer Zurich opted not to renew its global aggregate catastrophe treaty for 2023 at the recent renewals, but did add a $200 million U.S. earthquake swap, and a new $300 million top cat layer to its programme for the year ahead.
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Lancashire Holdings, the specialty insurance and reinsurance group, continued its strong growth trajectory in 2022 with a 35% rise in gross written premiums (GWP), but while the firm’s underwriting performance improved, losses had an impact on its third-party capital management business.
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Global reinsurance company Ariel Re is looking to slightly upsize its latest Titania Re Ltd. (Series 2023-1) catastrophe bond deal and, in a rare occurrence for recent months, the cat bonds price guidance has been reduced, so it now has the potential to price at or below the low-end of the initially marketed range.
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Bermuda-based insurer and reinsurer Everest Re Group’s collateralized reinsurance investment vehicle, Mt. Logan Re, raised funds at the January 1st renewals despite clear dislocation in the insurance-linked securities (ILS) marketplace, and the firm expects further growth over time, according to Jim Williamson, Group Chief Operating Officer (COO) and Head of Reinsurance.
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