Reinsurance News

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.

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 […]