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.

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.

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.

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.

The World Bank’s pipeline of catastrophe bonds to be issued for governments of its member countries has been impacted by market conditions in 2022, according to an interview with Michael Bennett of the World Bank Treasury.

The Lloyd’s insurance and reinsurance marketplace is ready to support its participants response to the opportunity presented by rising rates in property and catastrophe business and the market may support updated business plans that seek to capitalise on this, Chief of Markets Patrick Tiernan suggested today.

Insurance and reinsurance companies based in Bermuda could end up taking as much as one-quarter of the industry losses from hurricane Ian’s impacts in Florida.

The two issues at the top of the agenda for lawmakers at next weeks Special Session of the legislature in Florida are reducing litigation and increasing the availability of reinsurance.