Reinsurance News

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.

According to data from catastrophe loss specialist CatIQ, the 2023 wildfires in British Columbia, Canada have become the 10th largest insurance industry loss event to ever hit the country.

Heritage Insurance Holdings, Inc. has reported that its per-occurrence reinsurance protection attached after the devastating wildfires in Maui, driving a “modest” recovery for the insurer during a quarter in which most of its catastrophe losses were retained.

Having successfully exited his previous start-up Tremor, Sean Bourgeois is back very quickly with another, launching Fuse as a modern, secure communications platform for the global commercial insurance and reinsurance industry.

The market for collateralized reinsurance sidecar vehicles has returned to favour, with resilience demonstrated as it returned to growth after two years here it had shrunk back, Aon Securities has explained.