Reinsurance News

US insurance giant Progressive has now begun to record reinsurance recoveries under its aggregate catastrophe reinsurance arrangements, as the company had forecast was likely to occur.

Analysts at JMP Securities say they are expecting reinsurance pricing will be flat to slightly up at the January 2024 renewal season, with reinsurers expected to push for rate to keep pace with inflationary costs, but a chance that some appetite returns for lower-layers if the price is right.

The Committee of Unsecured Creditors in the Chapter 11 bankruptcy case of insurtech Vesttoo has now filed a request with the court to allow them to conduct legal discovery on insurance and reinsurance broking group Aon and certain related entities that have been exposed to the letter of credit fraud issues.

Right now, there is an opportunity for institutional investors to harvest “the most pronounced risk-adjusted returns” from allocations to insurance-linked securities (ILS), according to Jo Stanton, Chair of ILS Bermuda and Head of Finance at Tangency Capital, speaking this morning at Convergence 2023.

Signal Iduna Reinsurance Ltd. (SI Re), the Swiss based reinsurer located in the city of Zug, has announced the promotion of current head of ILS Markets & Retrocession Dr Robert Salzmann to become the firm’s Head of Underwriting as well as his current responsibilities.

Lawmakers in Florida have said that major property insurance legislation is not expected to be a feature of the state’s 2024 legislative session that begins in January, with time still needed to allow the already enacted changes to filter through and show up in insurer results.

Property insurance premiums in Florida are not expected to start falling anytime soon, despite the legislative efforts of lawmakers in the state, with reinsurance costs and reinsurers desire to be adequately compensated for the risks a key factor, according to risk modelling firm Karen Clark & Company (KCC).

Inver Re, the reinsurance broking arm of the Ardonagh Group, has hired experienced capital markets executive Mark Shumway as its new Head of Advisory.

Analysis undertaken by ALIRT Insurance Research shows that almost 20% of the total letter of credit (LOC) collateral used by a group of US fronting carriers appears likely to have been sourced via Vesttoo and provided by the bank at the heart of the fraud allegations, China Construction Bank (CCB).

MGIC Investment Corporation has returned to the capital markets to seek its first issuance of mortgage insurance-linked notes in more than one year, targeting $290 million or more in mortgage reinsurance from this Home Re 2023-1 Ltd. mortgage insurance-linked securities (ILS) transaction.