Reinsurance News

This morning, we’re told that the significant flooding from rains associated with hurricane Helene throughout southeastern parts of the United States are bringing FEMA’s National Flood Insurance Program (NFIP) reinsurance tower and catastrophe bonds into some focus, although there is uncertainty over how a predecessor rainfall event prior to the storm even making landfall could […]

Reinsurance broker Gallagher Re now expects that private insurance market losses from hurricane Helene will rise to the mid-to-high single-digit billion dollar level, higher than its initial pre-landfall forecast of $3 billion to $6 billion, according to Chief Science Officer and Meteorologist Steve Bowen.

The damage price tag from hurricane Helene’s impacts on the United States is expected to fall in a range from $20 billion to as high as $34 billion, with property damage a significant component at $15 billion to $26 billion, Moody’s Analytics has said.

Insured private market property losses from hurricane Helene’s winds and storm surge across the US states of Florida and Georgia are initially estimated in a range from $3 billion to $5 billion, according to CoreLogic.

Due to severe weather, the Summer of 2024 now ranks as the most destructive season in Canadian history for insured losses at more than CAD 7 billion, as per initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ).

Descartes Underwriting, a data-driven risk transfer specialist managing general agency (MGA) and insurer with a parametric focus, has launched a Strategy & New Business Division with two key hires, as the company looks to expand the scope of its scientific underwriting offering.

Global Parametrics, a CelsiusPro Group company, has announced the appointment of Harry Titherley from reinsurance broker Gallagher Re as Business Development Director.

Concert Group Holdings, Inc., a privately owned insurance holding company and fronting specialist, has launched and capitalised a new reinsurance sidecar named Harmony Re, Inc., which while termed a risk retention platform is also set to be positioned to attract third-party capital in future as well, Artemis has learned.

Essent Guaranty, a wholly owned subsidiary of Essent Group, has successfully closed Radnor Re 2024-1 Ltd., the firm’s tenth issuance of mortgage insurance-linked notes, which upsized and eventually completed at $363.4 million.

With Europe still affected by flooding in recent days, S&P Global Ratings has commented on the Central and Eastern European flood event from the second week of September, saying it expects a significant share of insurance claims will be covered by reinsurance capital.