When reinsurance capacity becomes scarce, or less available, as has been seen in Florida and at the mid-year renewals, capacity becomes “King” and those with availability of it are no doubt very popular.
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The Demex Group, a climate risk focused insurtech that aims to deliver climate-resilience through financial risk solutions on a global scale, has launched new parametric snow insurance covers that are financially supported through derivatives agreements with ILS fund manager Nephila Capital, as well as new reinsurance agreements.
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In reporting its fiscal year 2022 results this morning, Australian primary insurance giant Insurance Australia Group (IAG) has announced that it is lifting its natural perils budget by 19% to deal with “the increasing severity and frequency of extreme weather events.”
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Newly litigated property insurance claims at Florida’s largest P&C insurers continue to be relatively flat, with the number fluctuating between 4,000 and 4,700 per month so far in 2022, according to the latest data from CaseGlide.
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Having been acquired by New York headquartered financial services group Cowen, the Guernsey based, previously Credit Suisse Insurance Linked Strategies supported reinsurance company Kelvin Re Limited remains under review, from a ratings perspective, given uncertainty related to its parent and the eventual strategy it will take.
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Global insurance and reinsurance giant Zurich has detailed some changes to its reinsurance program at the end of the first-half of 2022, with its global catastrophe treaty expanding in terms of coverage, while in Europe its’ retention has dropped.
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HCI Group, Inc., the Florida headquartered property and casualty insurer and parent of Homeowners Choice Property & Casualty Insurance Company and insurtech TypTap, sees an opportunity to expand into the Florida market on its own terms, CEO Paresh Patel has said.
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Tickets are still on-sale for Artemis London 2022, our first insurance-linked securities (ILS) market conference held in the UK, which is taking place on September 6th 2022, just before the industry heads to Monaco for the RVS.
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Australian headquartered global insurance and reinsurance group QBE saw a steep increase in reinsurance recoveries in the first-half of the year, which helped to offset elevated natural catastrophe and severe weather claims for the company.
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The CATCo retrocessional reinsurance investment portfolio continues to benefit from favourable development on reserves, with the manager expecting yet another release of side pocket investment capital later this year, which it expects to buy back more shares with.
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Florida’s residual market insurer, or insurer of last resort, Citizens Property Insurance Corporation, has now surpassed more than 1 million policies again, the first time it has been at this level of portfolio exposure, in terms of policy count, since 2013.
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The first-half of 2022 saw private insurance-linked securities (ILS) funds, so those allocating to collateralised reinsurance, retrocession and other ILS assets, as well as catastrophe bonds, deliver an average performance, in terms of returns to their investors.
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Weston Property & Casualty Company has now had a receiver confirmed for an insolvency process and liquidation of the company, and it’s been claimed that the insurers assets were insufficient to meet its liabilities, while it had also failed to place its mid-year reinsurance renewal.
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The rumoured acquisition of hybrid P&C program, fronting and risk transformation company Transverse Insurance Group by MS&AD Holdings, through its Mitsui Sumitomo Insurance unit has now been confirmed, as the firms made a joint announcement this morning.
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