Reinsurance News

AXA Climate, the parametric specialist risk transfer managing general agent (MGA) unit of global insurance and reinsurance company AXA, has hired former Global Parametrics employee Toby Behrmann to become Head of London Market & Public Private Partnerships at the firm.

Fiji has signed a committent letter with the Pacific Catastrophe Risk Insurance Company (PCRIC) to take-up its parametric cyclone insurance product, on the sidelines of the World Bank Group and International Monetary Fund Annual Meetings in Morocco yesterday.

The ability to customise industry-loss warranties (ILW’s) is seen as a key trait in the reinsurance-linked asset that assists in the portfolio construction process, but demand for ILW protection has fallen slightly among reinsurers, according to the CEO of the City National Rochdale Select Strategies Fund.

Concerns are being voiced over the way reinsurance capital has moved further away from secondary perils, as well as the reduction in available aggregate coverage, which perhaps led Aon to state in a recent report that this is a critical area where innovative efforts may be able to fill some of the reinsurance protection gaps […]

Florida’s property insurance market continues to face challenges from a reduction in appetites, among many major insurers, to write property business in the state, with Progressive the latest to be reported to be pulling back.

HCI Group’s digital insurtech company TypTap is the latest to be approved to takeout policies from Florida’s Citizens Property Insurance Corporation, as interest grows in securing property insurance risk in bulk from the still-growing insurer of last resort.

Radian Guaranty, the US mortgage insurance arm of the Radian Group, has now successfully secured $353 million of fresh reinsurance protection from the capital markets through the issuance of Eagle Re 2023-1 Ltd. mortgage insurance-linked securities (ILS), its first mortgage insurance-linked notes since 2021.

Canadian property and casualty insurer Definity Financial Corporation has utilised the full limit of its aggregate reinsurance cover after losses from multiple catastrophe events in the country, with the wildfires in British Columbia having the largest impact.

With the focus of ILS managers now shifting towards the all-important end of year reinsurance renewals, Stephan Ruoff, Global Head of Schroders Capital ILS, explained to us that insurance-linked securities (ILS) portfolio construction and positioning are a key focus at his firm.

Analysts at investment bank Goldman Sachs say that, while the supply of capital to the global reinsurance market is generally healing, this process has likely been slowed somewhat by the recent further increase to US interest rates.