Reinsurance News

Nascent Group, an insurance management and reinsurance transformer company launched by Andre Perez to reimagine the insurance-linked securities (ILS) servicing space, has made two key hires, bringing former Horseshoe and Artex expertise back together, with Yulanda Francis and Shehan Ranasinghe joining the firm.

Slide Insurance Company, the full-stack property insurtech company founded by Bruce Lucas in Florida, has successfully placed a $1.86 billion catastrophe reinsurance tower for 2024, of which some $410 million in collateralized reinsurance for the higher layers comes from the cat bond market, sourced by its three Purple Re issues.

The staff of the Texas Windstorm Insurance Association (TWIA) is set to recommend lawmakers consider a variety of ways to reduce its reinsurance purchases going forwards, primarily by amending the rules to allow other areas of statutory funding to be increased.

NormanMax Insurance Holdings, the US based parametric insurance and reinsurance group launched by former Universal founder and CEO and parametric MGA New Paradigm co-founder, Bradley Meier, has now been approved for and launched its dedicated parametric syndicate 3939 at Lloyd’s.

The insurance market wide loss from severe flooding in Europe that impacted the Emilia-Romagna Region of Italy in May 2023 has now been finalised with a 3% reduction from the last figure by PERILS, bringing its estimate to €495 million.

When global reinsurance firm Swiss Re announced its first-quarter results last week, the company also notified shareholders and markets that it intends to withdraw from its iptiQ business, a tech-focused initiative that effectively brought the giant balance-sheet of the reinsurer much closer to the risk.

According to Florida’s insurance market regulator, the first downward trend in property insurance rate filings for years is now being seen, as companies look to provide better prices to their consumers and at least some of the benefits of recent insurance reforms appear to be flowing to policyholders.

Thanks to the very strong earnings generated by capital deployed into the reinsurance market last year and an expectation that strong earnings can persist through full-year 2024, analysts at Moody’s Investors Service believe investor interest in insurance-linked securities (ILS) could prove to be stronger than had been expected.

Howden, the global insurance and reinsurance intermediary, has announced the acquisition of parametric risk transfer specialist MiCRO (also known as the Microinsurance Catastrophe Risk Organisation), as it doubles-down on the use of responsive risk transfer to support resilience in under-insured communities.

The Pacific Catastrophe Risk Insurance Company (PCRIC) alongside broker WTW have designed a parametric trigger to provide a responsive disaster insurance policy to a Papua New Guinea operator of a submarine fibre optic cable network.