Reinsurance News

As 2024 fast approaches, analysts at investment bank Morgan Stanley currently don’t see any sign of headwinds to affect reinsurance pricing for the renewals and into the next year, with capital supply remaining balanced in the sector.

Enact Mortgage Insurance has successfully closed on its new mortage insurance-linked securities (ILS) issuance, securing $248 million of collateralized mortgage reinsurance protection from the capital markets with the issuance of Triangle Re 2023-1 Ltd. mortgage insurance-linked notes.

The global reinsurance market now appears to have returned to a pre-soft market state of providing capital protection, rather than earnings protection, Fitch Ratings has said.

RenaissanceRe, the Bermuda based reinsurance and third-party capital management specialist, is working to bring investors in the AlphaCat Managers offering into its Capital Partners products, in the wake of the completion of the firms acquisition of Validus from AIG.

R&Q Insurance Holdings Ltd., the specialty player that is soon to return to its original legacy insurance and reinsurance focus, is already evaluating opportunities to launch a second collateralised sidecar vehicle, while the fee income earned from its first legacy sidecar Gibson Re rose through the first-half of this year.

Risk modelling specialist Moody’s RMS has estimated that the insurance and reinsurance market loss from recent major hurricane Otis and its devastating impacts on Mexico’s Pacific coast in the Acapulco area will be in the range of US $2.5 billion to US $4.5 billion.

Porch Group, the software driven financial services group with a homeowners insurance arm that was impacted after a letter of credit (LOC) backing a reinsurance deal it had entered into with insurtech Vesttoo was found to be fraudulent, is intending to pursue damages vigorously and not just against Vesttoo, it seems.

Risk modelling company Moody’s RMS has issued an estimate for insurance market losses from recent European windstorm Ciarán, saying it expects the industry loss will fall between €900 million and €1.5 billion (approx. US $1bn – $1.6bn).

Vesttoo, the insurtech at the centre of an international reinsurance letter of credit (LOC) fraud investigation, is set to remain in Chapter 11 bankruptcy, after the court denied a motion from the US Trustee to convert the case to Chapter 7 so a liquidation could be accelerated.

German insurance giant Allianz has this morning reported that its Property-Casualty business segment was hit with 7.3 percentage points of natural catastrophe losses on the combined ratio for the third-quarter, which is the highest such figure in a decade.