Reinsurance News

Reinsurance broker BMS Re, part of the BMS Group, has announced that its chief executive officer Pete Chandler is stepping down from the CEO role, to become vice-chair, with Andrew Wheeler and Russ McGuire now appointed as interim co-CEOs

While disagreements over a consolidated approach to liquidating the Vesttoo bankruptcy estate, versus a more segregated approach that makes assets available to the cedents involved in certain reinsurance deals, continues, the Official Committee of Unsecured Creditors have now accused Chaucer of “lying in wait” before launching efforts to secure value for itself.

At the recent January reinsurance renewals there was widespread recognition in the market that “primary insurers are best suited to absorb frequency losses, while reinsurers are best placed to act as a shock absorber,” according to Gianfranco Lot, Chief Underwriting Officer (CUO) of P&C Reinsurance at Swiss Re.

RenaissanceRe, the Bermuda based reinsurance and third-party capital management specialist, has successfully added almost $495 million in new third-party capital across some of its joint-venture and insurance-linked securities (ILS) structures in time for January 1st 2024.

The rising cost of reinsurance is identified as the key driver of a recent North Carolina homeowners insurance rate filing that indicates a 42.4% increase, according to research and advisory firm Assured Research.

Insurtech Vesttoo, the company at the heart of a scandal over fraudulent reinsurance letters of credit (LOC), has called for its ongoing US Chapter 11 bankruptcy case to be dismissed and for insolvency proceedings to be commenced in Israel in its place.

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.