Reinsurance News

Global insurance broking group WTW will receive funding from the U.S. Agency for International Development (USAID) to develop a pilot facility that will enable the U.S. Development Finance Corporation (DFC) to offer parametric insurance designed to protect its direct loans to private enterprises from climate risks.

Global reinsurance company Hannover Re has reported that large losses fell within budget at EUR 1.6 billion for 2023, as the firm’s property and casualty (P&C) reinsurance combined ratio strengthened to 94% in the period.

Rating agency AM Best has said that use of the AdVantage collateralized insurer class of company has helped Bermuda headquartered insurance and reinsurance firm Vantage Group to become more profitable, while also driving a source of accretive income.

As part of its goal to ward off a developing insurance crisis in California that has seen major companies pull-back on underwriting property insurance there, or exit the state entirely, Insurance Commissioner Ricardo Lara has announced regulation to allow for an expanded use of catastrophe models to help insurers operate there more sustainably.

Lockton Re Capital Markets (LRCM), the division of the global reinsurance broker focused on helping clients access broader pools of capital from across the traditional and capital markets, has hired Brendan Roche from GC Securities as its new Head of Distribution.

Reinsurance Group of America (RGA) intends to make its relatively recently launched third-party capital-backed life reinsurance sidecar company Ruby Reinsurance (Ruby Re) a core component of its more asset intensive business.

The California Earthquake Authority (CEA) entered the January reinsurance renewals with almost one billion dollars more in risk transfer than a year earlier, as the group reached December 31st 2023 with $9.1 billion of protection in-force.

AXA Climate, the specialist weather, climate and parametric risk transfer unit of the AXA Group, is partnering with catastrophe modelling, climate analytics and data specialist Reask, with a goal to make parametric risk transfer for cyclones faster and more accurate.

The Lloyd’s of London insurance and reinsurance marketplace is on-track to achieve its best returns on capital in more than 15 years, according to analysis from Insurance Capital Markets Research.

Property underwriting is “the best-priced business in the world right now” and, as long as Chubb is getting paid adequately, its CEO Evan Greenberg said that the company is ready to take greater catastrophe concentration and volatility.