Reinsurance News

Arch Reinsurance Group, the reinsurance underwriting arm of global re/insurer Arch Capital Group, has promoted William Soares to Chief Executive Officer (CEO) of Arch Reinsurance Ltd. in Bermuda, and Jon Schriber to CEO of Arch Reinsurance Company in the U.S., effective immediately.

In the current softening market environment where reinsurance capital is abundantly available, primary carriers are benefiting from a greater diversity of protection options, across traditional reinsurance, insurance-linked securities and a growing availability of aggregate covers, rating agency KBRA has explained.

Catastrophe data aggregator PERILS has updated its estimate of insurance industry losses for extratropical windstorm Goretti, also known as Elli, that affected southwestern England, northern France and Belgium in early January, slightly lowering the total to EUR 468 million.

Oxbridge Re Holdings Ltd., the Cayman Islands-based reinsurance company, along with its subsidiary SurancePlus, has successfully closed five private placements of tokenized reinsurance securities on Solana blockchain, with total gross proceeds of combined offerings amounting to approximately $7.1 million.

Swiss Re has said that while the non-life insurance and reinsurance market has entered a softer phase of the underwriting cycle, it does not anticipate the depth of the downturn being as significant as we’ve seen in the past.

With the Monetary Authority of Singapore (MAS) now having launched its awaited consultation on a Protect Cell Company (PCC) structure that will be suited to efficient insurance-linked securities issuance, collateralised reinsurance and sidecars, Regional Director George Ong of Aon has highlighted the opportunity this presents.

According to a recent paper by catastrophe risk modeler Karen Clark & Company (KCC), while a long-term correlation exists between El Niño/Southern Oscillation (ENSO) phases and insured property losses, the climate pattern holds relatively little predictive power for any single year.

Global broker Aon has announced that it has appointed Bob Reville as Senior Managing Director and Casualty Catastrophe Market Leader within its Risk Capital division, effective July 15th.

Adaptive Insurance, a climate resilience company and parametric start-up, has successfully secured an additional $5 million in financing from new and existing investors, which will be used to accelerate Adaptive’s development and distribution of specialty products designed to address the growing risks related to climate and weather events.

The Australian Prudential Regulation Authority has now updated its regulatory framework to make access to alternative reinsurance solutions simpler and easier for insurers in the country, with targeted changes that will support access to catastrophe bonds and other insurance-linked securities (ILS) for potential sponsors there.