Reinsurance News

Global reinsurance giant Swiss Re has said that it forecasts insurance industry losses from natural catastrophe events will exceed US $100 billion again in 2023, leading it to also forecast that non-life hard market conditions will be sustained through 2024, at least.

HCI Group subsidiary Homeowners Choice Property & Casualty Insurance Company, has completed a successful takeout of approximately 53,750 policies from Citizens Property Insurance Corporation, Florida’s state-backed insurance company, with the insurer of last resort now showing signs that thanks to depopulation its exposure is starting to reduce.

Arch Capital Group has cancelled a number of its Bellemeade Re mortgage insurance-linked securities (ILS) arrangements with their notes set to be redeemed later this year, as the re/insurer said that rating changes enacted by S&P have substantially reduced the capital relief the ILS deals supplied.

A new report calls on the world to implement risk sharing systems, such as parametric triggers in insurance, reinsurance and insurance-linked securities (ILS) such as catastrophe bonds, as a central pillar of the Loss and Damage architecture required to protect the most vulnerable nations against climate, weather and natural disasters.

Artex, the captive, alternative risk transfer, insurance-linked securities (ILS) facilitation and capital solutions subsidiary of Gallagher, is set to rebrand all of its cell facilities and transformer offering as Artex Axcell, as it seeks to unify the brand proposition across these important market-facing services.

In a shake-up of the UK government’s international development policy as well as its approach to humanitarian and aid funding that will be announced today, Artemis understands there will be a nod to a growing role for insurance risk transfer, while the use of private capital from investors is going to be highlighted, suggesting catastrophe […]

With the fourth-quarter of the year an important time for the property insurance market, not least as the peak reinsurance renewal season approaches, broking giant Aon has made considering catastrophe bonds the top recommendation for insurers looking to navigate what can be a challenging time.

Howden Tiger, the reinsurance broking and risk capital management arm of Howden, has strengthened its property retrocession broking team with the addition of Martin Ford, a long-standing specialist in the retro space.

For global insurance and reinsurance player Everest Group, using its Mt. Logan Re Ltd. third-party capitalised sidecar-like structure is seen as preferable to sponsoring catastrophe bonds or hedging with ILW’s, according to CFO Mark Kociancic.

Property catastrophe reinsurance capacity is expected to remain relatively flat at the January 2024 renewals according to a survey from broker Gallagher Re, which also suggests that reinsurer appetite for writing aggregate coverage and lower-layers remains limited.