Reinsurance News

Global insurance and reinsurance specialist Everest Group has made two senior promotions in its Reinsurance division, with Jill Beggs becoming its Chief Operating Officer, a role that will see her having oversight of the Mt. Logan Re operation at the firm, while Jiten Voralia has been named Head of North America Treaty.

Insurance-linked secuities (ILS) market participants are seeing a demand-driven opportunity emerge in collateralized reinsurance and retrocession, but speakers at our recent ILS NYC 2024 conference said that while investor demand for returns from these products is rising again, the clarity of coverage terms is key.

Gallagher Specialty, the broking arm of the Gallagher group that deals with large multinational clients, is another company looking to ride the current rising wave of interest and growth in parametric insurance, by establishing a centre of excellence for this kind of risk transfer.

Global insurance and reinsurance giant AXA has significantly expanded its catastrophe reinsurance protection at the January 2024 renewal season, with much more limit purchased but all of its retentions kept stable year-on-year.

European headquartered re/insurer Zurich has further adjusted its catastrophe reinsurance arrangements for 2024, adding a new top-layer of protection in Europe, so lifting the top of that tower, while reducing its US all-perils retention so coverage will attach earlier there.

Another settlement agreement has been reached between the Official Committee of Unsecured Creditors in the Vesttoo bankruptcy case and two of the affected cedents, in this case Beazley and Porch, with these cedents agreeing to support the bankruptcy plan and gaining rights to a portion of the funds held in debtor vehicle Vesttoo Bay XIX […]

Morocco’s government received a $275 million payout from its parametric earthquake insurance policy after the devastating earthquake that occurred in 2023 and the parametric policy is being renewed again, to provide a similar level of cover for 2024, we understand.

The Tel Aviv District Court has dismissed insurtech Vesttoo’s initial attempt to claim damages from its two ousted co-founders and the persons that worked to source investors, who were implicated in the letter of credit (LOC) fraud scheme.

The Board of the Texas Windstorm Insurance Association (TWIA) met today and has confirmed a 1-in-100 year PML for 2024 funding purposes at a new high of $6.5 billion, meaning the insurer of last resort will seek to require just over $4 billion in reinsurance limit for the 2024 wind season.

Another settlement has now come to light thanks to the mediation between Vesttoo bankruptcy creditors, with specialty insurance and reinsurance group Chaucer and the Official Committee of Unsecured Creditors agreeing a way forwards over $18.9 million of value attached to debtor entity Vesttoo Bay XXIV and importantly it appears also on a way forward for […]