Reinsurance News

US primary insurer Allstate has updated on its catastrophe losses suffered through September and all of the third-quarter, which added to its Q2 tally takes the insurers pre-tax total for the first six months of the annual aggregate year for its catastrophe bonds to $3.88 billion.

Bermuda headquartered re/insurer Arch Capital is back for the first time in over one year to sponsor a new series of mortgage insurance-linked securities (ILS) to boost its reinsurance arrangements, targeting $186.6 million or more in coverage from this Bellemeade Re 2023-1 Ltd. issuance, Artemis can reveal.

Global reinsurance giant Munich Re said this morning that it has additional capacity available for natural catastrophe risks, as long as the market remains disciplined and price as well as terms and conditions continue to be appropriate.

US primary insurance giant Travelers will continue to evaluate its reinsurance arrangements, dependent on market conditions. But, in the face of elevated catastrophe weather losses, the company is likely to retain more than its peers, as “we like our underwriting”, CFO Dan Frey said.

While reinsurance and insurance-linked securities (ILS) continues to see a rotation out of certain investors, given macro factors and concerns over volatility, at the same time there is a new crop of investors rotating in that may better understand the fundamentals of the space.

Natural catastrophe losses covered by public and private insurance or reinsurance have already reached US $93 billion by the end of September, putting 2023 on-track to be another year with over US $100 billion of insured catastrophe losses, Gallagher Re has said.

Global reinsurance company Swiss Re said this morning that it anticipates rising demand for natural catastrophe reinsurance, with up to €5 billion of additional demand expected for the EMEA regions cedents alone this year.

Distribution focused BRP Group, or Baldwin Risk Partners, has announced the launch of a new reinsurance broking arm named Juniper Re LLC, as the company sees a “unique market opportunity” to become a full-service broking platform.

US primary insurer Travelers has revealed another quarter of elevated catastrophe losses, as the impacts of severe convective storms, wind and hail took its nine month catastrophe losses to almost $2.9 billion by the end of September.

In what could turn out to be a ground-breaking development, parametric disaster insurance risk pools African Risk Capacity Limited (ARC), Caribbean Catastrophe Risk Insurance Facility (CCRIF SPC), the Pacific Catastrophe Risk Insurance Company (PCRIC), and the Southeast Asia Disaster Risk Insurance Facility (SEADRIF), have signed an MOU and will explore a joint reinsurance facility to […]