TigerRisk Partners LLC, the global risk, capital and reinsurance brokerage and advisory, has made a new capital markets and investment banking focused hire in Tanner Sowa, who joins the firm from Guy Carpenter’s GC Securities.
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Having visited the Lloyd’s insurance and reinsurance market last week and spoken with some of its major players, analysts at peel Hunt concluded that with the renewals approaching talk of rate reductions are now “out of the window.”
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As third-party or alternative capital managed continues to grow for global reinsurance firm Swiss Re, the company is keen to stress that this doesn’t mean any changes to its underwriting approach and standards, Philipp Rüede told us.
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Reinsurance companies have almost completed an evolution of their business models to enable them to coexist with alternative capital and insurance-linked securities (ILS), according to Moody’s, but the rating agency noted that there are risks to this engagement.
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Analysts at investment bank Jefferies said this morning that they estimate the insurance and reinsurance industry loss from recent hurricane Ida will be around $32.2 billion, taking the 2021 catastrophe loss year-to-date run-rate far above the average.
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In a positive move to accelerate and widen the roll-out of important parametric insurance products to protect against climate and disaster risks, the Government of Fiji has exempted them from value added tax (VAT).
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The fourteenth named storm of the 2021 Atlantic hurricane season, tropical storm Nicholas, continued to intensify off the Texas coast and eventually made landfall in the last few hours having strengthened into a Category 1 hurricane Nicholas, becoming the sixth hurricane of the season.
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Equity investors focused on the reinsurance sector question whether insurance-linked securities (ILS) deliver cost-of-capital benefits, while also finding it hard to consider reinsurers an ESG appropriate investment, Andrew Ritchie, Partner, Insurance Research at Autonomous Research LLP said today.
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Demand for alternative reinsurance capacity to support sidecars and quota share structures is outpacing supply, according to Shiv Kumar who explained that the reinsurance sidecar market has grown despite facing challenges in recent years.
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Catastrophe risk modeller AIR Worldwide now says that hurricane Ida will cost the insurance and reinsurance market between $20 billion and $30 billion, an estimate that now includes private market inland flood insured losses.
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Appetite for insurance-linked securities (ILS) investments is rising according to Twelve Capital’s Florian Steiger, who sees interest in catastrophe bonds as still strong despite recent tightening of spreads, while interest in peak peril private ILS and collateralised reinsurance is on the rise.
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Recent flooding in Europe and the fact Germany has suffered its most significant natural catastrophe insured losses in over two decades, suggest that demand for natural catastrophe reinsurance and its pricing will both move higher, while other major nat cat zones should also firm more in 2022, according to executives at Hannover Re.
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Hurricane Ida is expected to become one of the costliest tropical storm impacts ever to affect the mainland United States, according to insurance and reinsurance broker Aon.
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This morning, German reinsurance giant Hannover Re noted the resurgent insurance-linked securities (ILS) market, highlighting that it has returned to growth after a few years where capital allocated to ILS and catastrophe bonds had declined a little.
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