Reinsurance News

Speaking with Artemis in Monte Carlo this morning at the annual Rendez-Vous de Septembre event, Trevor Carvey, CEO of Conduit Re, explained that the reinsurer plans to continue its work in the catastrophe bond space.

Given the strong growth of the catastrophe bond market over the last year and the fact market conditions and investor preferences favour the structure, if these trends continue, Fitch Ratings Senior Director Brian Schneider said he expects cat bonds will become the largest segment of the alternative reinsurance capital market.

Independent reinsurance broker Lockton Re has called for cyber reinsurance to be simplified, saying that this will help to solve the capacity supply for cyber risks, while also opening up capital markets and ILS capacity avenues.

Global reinsurance firm Swiss Re may be required to help pay claims related to typhoon Saola’s impacts in the province of Guangdong, China, as the company believes a parametric scheme that it reinsures could be triggered, executives said in Monte Carlo yesterday.

Speaking today in Monte Carlo, senior executives from Swiss Re’s reinsurance business unit explained that the firm’s Alternative Capital Partners (ACP) unit is an area where “consistency and continuity” are key, while the firm sees “zero conflicts” between its ACP investors and its equity holders.

Broker Guy Carpenter is calling for retrocession buying clients to leverage both traditional and alternative sides of the market, in order to “create competitive tension” at the upcoming January 2024 reinsurance renewals and beyond.

Hannover Re’s CEO says that the reinsurance company sees good opportunities in insurance-linked securities (ILS) and intends to leverage its strong position in that marketplace.

Aeolus Capital Management Ltd., the Bermuda based reinsurance and insurance-linked securities (ILS) investment fund manager, has announced the promotion of long-standing team member Fergus Morrison to Partner at the firm.

Speaking this morning in Monte Carlo executives from global reinsurance firm Hannover Re said that the Vesttoo issues with allegedly fraudulent letters of credit (LOC) is an “eye opener” but not systemic and they see no impact to their own pipeline of business in the insurance-linked securities (ILS) market.

The market for catastrophe risks could double by 2040, with continued growth expected over the coming years, according to SCOR CEO Thierry Léger, but he also cautioned that the industry must work to address the current insurability challenge, especially in relation to climate change.