Reinsurance News

Jireh Connect, a technology platform that targets helping brokers place risk more efficiently with reinsurance and risk capital providers and manage the process more effectively, has announced the completion of its first placement, an industry loss warranty (ILW).

Phoenix Merchant Partners, LP, a middle-market focused investment firm, has announced the closing of its debut transaction, that finances a non-catastrophe P&C reinsurance company named Gryphon Holdings, while also announcing the hire of Julia Henderson as Managing Director, Insurance Solutions.

While almost every market observer and industry analyst are expecting reinsurance capital levels to increase in 2024, broker Howden has highlighted that actually securing access to capital will be a key differentiator for market participants, as not everyone is expected to be successful.

Strategic Risk Solutions, Inc., an independent provider of insurance, reinsurance and captive management and consulting services, has announced that it has reached an agreement to acquire Robus Group from The Ardonagh Group, subject to approvals.

Global insured losses from natural catastrophe events surpassed $100 billion for the fourth year in a row in 2023, leading broker and consultant WTW to say “such losses are becoming the norm, not the exception.”

As the Vesttoo bankruptcy case continues in the Delaware court, it’s apparent that a difference of opinion that emerged near the beginning of the saga, over ownership of segregated cells and their contents, remains the key issue of disagreement between a range of creditors and parties involved.

With capital levels increasing in the global reinsurance industry and interest rising in reinsurance as an asset class, be that in insurance-linked securities (ILS) or other forms, rating agency Fitch has said it believes the market will soften again in 2025.

Despite a costly end to the 2023 calendar year from severe weather and catastrophes, Australian insurer Suncorp has said that the full limits remain available from all of its private reinsurance coverage.

Presenting to the Florida House Insurance and Banking Subcommittee yesterday, Tim Cerio, the CEO of Citizens Property Insurance Corporation, said that depopulation efforts are expected to accelerate this year, while the ultimate goal is to reduce the policycount to around 400,000.

Despite some obvious limitations which can be overcome, 2023 will be remembered as the year when cyber insurance-linked securities (ILS) became a reality, with further developments expected in the year ahead, according to Jose Seara and George Mawdsley of DeNexus.