Reinsurance News

At a briefing held in Monte Carlo today by Munich Re, its executives explained that the reinsurance market is still not “super-hard” which means underwriting has to deliver returns and so they aren’t expecting much to be given back at the end of year renewal season.

As the world navigates major challenges, the transitions that are required to do this effectively are going to call on risk capital and the expertise of the global insurance and reinsurance industry, with its capacity, including ILS and alternative sources, seen as a crucial form of financing, according to S&P Global Ratings.

Speaking this morning at the 2024 Monte Carlo Rendez-Vous event, executives from Fitch Ratings said that with further improvements in fundamentals less likely now, moderate and gradual softening is now expected for property catastrophe rates and pricing.

Mereo Insurance, the Bermuda-based re/insurance start-up that counts former AIG CEO Brian Duperreault as its Chairman, has a strategy to work closely with third-party capital investors, is expected to be up and running for 1/1, with equity and seed capital being finalized for its first insurance-linked securities (ILS) fund, Artemis has learned.

A poll undertaken just in advance of the 2024 Monte Carlo Rendez-Vous event by our sister publication Reinsurance News has found that market participants will be especially focused on sustaining prices in their discussions with clients at the event.

Super Typhoon Yagi, the strongest tropical cyclone in Asia of 2024 so far, has caused significant damage across the island of Hainan in China and in northern Vietnam after making two landfalls yesterday.

According to global reinsurance giant Swiss Re’s Institute, the rate of social inflation is exceeding economic inflation in growing US liability claims and this has potential ramifications for catastrophe contracts, as the reinsurer explains social inflation can manifest in property natural catastrophe insurance.

Broking giant Aon has strengthened its property specialty retrocession in Bermuda with the addition of five new appointments on the island, including expertise in collateralized retro structures and transacting with ILS and capital markets, with, we understand, this move bringing onboard Lawrence Cheng, formerly of Acacia Holdings and Peak Re.

France-headquartered global re/insurance group AXA has appointed Guy Van Hecke as its new Head of Ceded Reinsurance, with the employee set to also retain the same role in the AXA XL division for a time.

There is rising interest in catastrophe bonds from potential sponsors and the parametric risk transfer space is another area seeing growing momentum, according to Mike Van Slooten, Head of Business Intelligence at Aon’s Reinsurance Solutions.