Reinsurance News

Having spent time in Bermuda and attended the recent PwC Insurance Summit on the island, the equity analyst team at BMO Capital Markets has concluded that the insurance and reinsurance industry is suffering a lack of confidence in its risk models, which they say has been a key driver in capital flight and retrenching higher.

SCOR Investment Partners, the asset management arm of the French reinsurance group and a manager of insurance-linked securities (ILS) funds, has announced a new Chief Executive Officer (CEO) appointment, with long-standing executive Louis Bourrousse taking over the top-position.

We’ve learned that the hurricane Ian side pocket investment situation has improved considerably for some insurance-linked securities (ILS) fund managers, with a number of key exposures now failing to reach the levels of cedent loss needed to attach coverage in recent weeks.

Fitch Ratings forecasts that property catastrophe reinsurance renewal rate increases will decelerate in 2024, with an average increase expected to be below 10% at the January renewal season.

CatX, a digital catastrophe and parametric risk exchange start-up, has announced a successful raise of a $2.7 million seed funding round, as it looks to ramp up its mission to connect re/insurers with efficient sources of alternative reinsurance risk capital.

Acting as a front or transformer for insurance-linked securities (ILS) funds and investors is an increasingly important part of global reinsurance firm Hannover Re’s business and there is evidence these activities grew further for the company in the first-half of 2023.

Delivering a speech in Canberra today, Andrew Hall, the Executive Director and CEO of the Insurance Council of Australia (ICA) explained that insurance and reinsurance markets are repricing risk globally and for reinsurers, writing risk in Australia is no longer seen as the diversifying hedge it used to be.

We’re told that the sum total of assets and so value that could be distributed in Vesttoo’s pending liquidation under the bankruptcy proceedings, is estimated to be below $25 million, which suggests creditors that lost significant value due to the reinsurance letter of credit (LOC) fraud are likely to be left unsatisfied, so may look […]

Aspen Capital Markets, the third-party and alternative reinsurance capital management unit of global re/insurer Aspen, has raised new funds for its third-party capital and insurance-linked securities (ILS) vehicles, taking total assets under management to $1.5 billion at the end of September 2023.

The insurance and potentially reinsurance industry loss continues to creep higher from the severe flooding in Europe that impacted the Emilia-Romagna Region of Italy in May 2023, with PERILS adding another 4% to its estimate to take it to €509 million.