Reinsurance News

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.

Broking giant Aon has hired Teresa Gallant from Canopius to become the Chief Operating Officer for its Marilla Investment Management Ltd. entity that offers reinsurers and investors a route to access returns from a globally diversified book of reinsurance. It also appears some capital may have been raised for a Marilla private fund this year.

According to broker Gallagher Re, hurricane Debby is expected to be a very manageable event for the insurance and reinsurance industry, with water driving a relatively significant proportion of a private and public market insured loss of up to $2 billion.

Global reinsurance giant Munich Re said this morning that it reduced the volume of business underwritten at the July 1st renewal season, holding the line on price and terms, while across the industry the company believes supply and demand for capital are in equilibrium still.

Having first secured an innovative cover with capital markets backing for its Central Fund back in 2021, the Lloyd’s market has renewed this in 2024 and this time the protection will run for a five-year term, while a chunk is again collateralised by a major investment bank.