Reinsurance News

Aspen Capital Markets, the third-party and alternative reinsurance capital management unit of global re/insurer Aspen, has lifted its assets under management in third-party capital and insurance-linked securities (ILS) vehicles by 46% over the twelve months to June 30th 2024, to reach a new high of $1.9 billion.

Communications specialist Liberty Latin America is expecting a $44 million payout from parametric weather derivatives after the passage of hurricane Beryl triggered these instruments for the company.

Third-party capital in reinsurance, including that from catastrophe bonds and insurance-linked securities (ILS), could grow by as much as 10% in 2024, with AM Best and broker Guy Carpenter projecting it will be at $105 billion to as high as $110 billion by year-end.

Were it not for the structural changes and adjustments to reinsurance contract terms made over the last few rounds of renewals, the severe convective storm activity in the United States this year would have been far more impactful to reinsurance capital providers, S&P Global Ratings has said.

Liberty Mutual Reinsurance (Liberty Mutual Re), the reinsurance arm of the Liberty Mutual insurance group, is providing the capacity to support a new parametric insurance program to benefit Kenyan coffee growers.

African Risk Capacity Limited (ARC Ltd.), the financial affiliate and parametric insurance underwriting entity of the African Risk Capacity (ARC) Group, has commemorated its ten-year anniversary and said it has now paid out over $170 million in claims.

According to the Florida Office of Insurance Regulation (OIR), for the first time in years its Annual Reinsurance Data Call has found that, on average, insurance carriers operating in the state have seen a decrease in the price of their reinsurance.

Global reinsurance company Hannover Re has continued to expand its business at the mid-year renewal season, reporting 11.5% growth in premiums and a “favourable market” environment that still delivered price increases.

Global insurance and reinsurance specialist Everest has continued to cede more in the way of premiums to its Mt. Logan Re third-party capital platform in the second-quarter, with the growth accelerating at an ever faster rate year-on-year.

Nagaland, a mountainous state in northeast India, remains the first state in India to buy parametric disaster insurance to protect itself and its critical infrastructure against the impacts of natural catastrophes.