Reinsurance News

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.

France headquartered global reinsurer SCOR intends to take advantage of the hard reinsurance market conditions at the January 2024 renewals, to continue growing its book at what are seen as attractive margins, the firms CEO Thierry Léger said today.

During the third-quarter of 2023, US headquartered insurance holding company W. R. Berkley Corporation continued to expand the subject business funded by its Lifson Re collateralized reinsurance sidecar vehicle, ceding additional premium to the structure.

Ardonagh Specialty has appointed Jonathan Marsh as its new Deputy CEO of Bermuda and also the Global Head of Retro broking at dedicated reinsurance arm Inver Re.

A special legislative session of the Florida House this week saw any measures of particular relevance to the property insurance market taken off the agenda, while a measure that proposes another layer of reinsurance to support the Floridian carriers may now re-emerge for debate in 2024.

Having significantly increased the amount of risk it cedes to retrocession partners at the start of this year, Hannover Re is now looking at the flexibility it has in the retro program and may opt to cede less to proportional retrocession partners next year, one of its Board Members said today.

In reporting its third-quarter results this morning, the CEO of global reinsurance player Hannover Re has said that the company is “seeing a clear trend towards increasing frequency losses” especially from secondary peril events.

Vesttoo is now insisting that there is value recoverable in some reinsurance transactions that were “bona fide”, while at the same time both Vesttoo as the debtor and the creditor committee in the Chapter 11 bankruptcy case, have objected to the US Trustees move to convert that case to a Chapter 7 focused on a […]