Reinsurance News

The bet that Warren Buffett’s reinsurance business at Berkshire Hathaway has made on writing more property catastrophe risks is paying off so far in 2023, with P&C reinsurance earnings soaring, as its premiums also rose aided by the TransRe acquisition.

According to RenaissanceRe’s CEO Kevin O’Donnell, with the acquisition of AIG’s reinsurance businesses under the Validus brand now complete, the insurer remains on-track to invest $500 million into two of the RenaissanceRe Capital Partners vehicles.

According to insurance and reinsurance broker Aon’s Impact Forecasting division, the economic and insured losses from storm Ciarán are expected to be “notable” with hundreds of millions of Euros anticipated for each.

So far, global reinsurance firm Swiss Re, is not seeing a significant pick-up in inflows to alternative capital and insurance-linked securities (ILS) structures, but its CFO John Dacey said today that “slight growth” is possible.

AXA XL, the commercial insurance and reinsurance arm of the AXA Group, has almost completed the process to right-size its property catastrophe reinsurance exposure, which drove a slight decline in premiums for the business so far this year.

Global reinsurance giant Swiss Re has delivered a return on equity (ROE) of 25.9% for the first nine months of 2023, with lower catastrophe losses and higher rates feeding through to a significant improvement in performance this year.

Aspen Insurance Holdings has announced a senior hire, bringing onboard Tim Mardon as Global Head of Property Catastrophe Reinsurance and Chief Underwriting Officer (CUO) of Aspen Bermuda, joining the firm from his most recent position at SiriusPoint.

Hurricane Otis is expected to cause up to US $16 billion in economic losses in Mexico and insurers will call on their reinsurance support, Fitch Ratings has said.

Nephila Capital is well-positioned heading into 2024, as having now resolved some legacy side pocket reserves, the catastrophe risk focused investment manager can focus on the market opportunity, according to Jeremy Noble, President of Insurance at Markel.

As we reported over a week ago, Vesttoo, the insurtech at the centre of an international reinsurance letter of credit (LOC) fraud investigation, is trying to sell off assets of the firm, to realise value it believes is inherent in the business.