Reinsurance News

HCI Group Inc. has secured $2.7 billion in aggregate reinsurance limit for its main P&C insurance underwriting subsidiary Homeowners Choice Property & Casualty Insurance Company, Inc. subsidiary and for its digital insurtech company TypTap at the renewals.

According to Howden Re, the reinsurance broking arm of Howden, property catastrophe reinsurance rates-on-line fell by 5% at the June 1st renewals, with pressure greatest at the upper-layers of towers.

Take up rates for parametric risk transfer, insurance and reinsurance solutions have grown “dramatically” over the last year, according to broker Aon.

Swiss Re Insurance-Linked Investment Management Ltd. (SRILIM), a specialist insurance-linked securities (ILS) fund management unit of the global reinsurance company, has now surpassed a new milestone of more than $1 billion in assets under management (AUM).

Analysts at investment bank Jefferies came back from a trip to Bermuda meeting with reinsurance and ILS market executives with the conclusion that property catastrophe pricing has held up well, perhaps better than anticipated, and that market discipline is expected to extend into 2025.

Descartes Underwriting, the parametric insurance and data-driven risk transfer specialist managing general agency (MGA), has hired former OTT Risk employee Matthew James as its new Commercial Director, UK & Ireland.

Palomar Insurance Holdings, the speciality California-headquartered insurer that offers largely catastrophe exposed property products, has completed its reinsurance renewal for 2024 and lifted the top of its tower to $3.06 billion, with its largest catastrophe bond yet contributing to the coverage growth.

This weeks severe weather across parts of the United States, made up of thunderstorms, hail, convective storms, tornadoes and a derecho event that struck Houston, Texas, is all anticipated to result in losses in the billions for the insurance and perhaps reinsurance market.

In a string of research reports, the World Bank Group and European Commission call on governments across Europe to utilise more in the way of disaster risk transfer and insurance to reduce the pressure from weather and natural perils on budgets, including the use of catastrophe bonds to access capital market investors for reinsurance risk […]

With catastrophe reinsurance pricing expected to be largely flat to slightly down at the upcoming June 1st reinsurance renewals and little change expected to terms and attachments, analysts from KBW said the industry can expect “slightly less-excellent” returns ahead, implying still-strong expected underwriting profitability.