Reinsurance News

Global reinsurance firm Swiss Re has issued a report that warns of the cascading effects of natural disasters, highlighting that catastrophes and severe weather can have knock-on effects outside of the immediate property damage caused, all of which can exacerbate insurance and reinsurance market losses.

Analysis from Bloomberg Intelligence suggests participants in the insurance and reinsurance industry should be seriously considering how they protect themselves against the risks of losses from major solar storms, with the peril having the potential to be as costly as major hurricanes.

Kin Insurance has increased the amount of catastrophe reinsurance limit it will have in-force for the hurricane season by 16% for Florida risk alone, growing its reinsurance tower for that state to $1 billion.

Cayman headquartered reinsurance company Oxbridge Re has reported that the firm’s first series of tokenized reinsurance sidecar securities have now realised a 49% return for the investors backing them, surpassing both initial and updated expectations.

Artex, the captive, alternative risk transfer, insurance-linked securities (ILS) facilitation and capital solutions subsidiary of Gallagher, has announced that its CEO Peter Mullen is to vacate that position, to become Chairman, and that Gallagher EVP Zeb Holt will transition into the CEO position from July.

Nascent Group, an insurance management and reinsurance transformer company launched by Andre Perez to reimagine the insurance-linked securities (ILS) servicing space, has now secured an insurance management license in the Cayman Islands and hired Sergio Micucci to run that operation for the firm.

Reinsurance broker Guy Carpenter has announced the launch of a new Capital & Advisory group and hired Alexander Schnieders from Teneo Holdings to lead the new initiative.

Recent flooding in areas of Bavaria and Baden-Württemberg in Germany are expected to drive insurance market losses in the region of €2 billion (US $2.15bn), according to the German Insurance Association (GDV).

AM Best has now upgraded its outlook on the global reinsurance sector from stable to positive, the first time it has had a positive outlook on the market for well over a decade.

Broking group Lockton has announced the hiring of Paul Jones from Descartes Underwriting as its new Head of Parametric Solutions (UK & Europe) within its Property & Casualty (P&C) Specialties division.