Reinsurance News

The “opportunity cost” of having collateral trapped from prior year events is, in the current higher reinsurance rate environment, increasingly in focus among the insurance-linked securities (ILS) fund manager community, Megan Green of PwC Bermuda told us in a recent video interview.

Reinsurance broker Guy Carpenter has added another senior employee with significant experience in insurance-linked securities (ILS) and collateralized markets, as Greg McBride, formerly of Everest’s Mt. Logan Re sidecar-like company, has joined the firm.

The move by beleaguered insurtech Vesttoo to file for Chapter 11 bankruptcy protection has resulted in the legal action being pursued against it by broker Aon’s segregated account and transformer company White Rock Insurance SAC being halted and the temporary restraining order being removed.

Insured property losses from the wildfire that devastated the Maui town of Lahaina in Hawaii have been estimated at around $3.2 billion by catastrophe risk modelling specialist Karen Clark & Company.

In court documents filed to petition against the freezing of its assets, insurtech Vesttoo has said the move would be catastrophic for the company, with its interim CEO saying it would “destroy” Vesttoo’s business.

The Florida Office of Insurance Regulation (OIR) recently approved Texas-based property and casualty (P&C) insurer, Mainsail Insurance Company, as a new domestic insurer following legislative reforms earlier this year. At the same time as the approval of Mainsail Insurance, the second domestic firm approved to become an authorised P&C insurer in the State of Florida […]

While there was a bit of a “bonanza” in terms of capital pouring into reinsurance from the capital markets a few years ago, things have now become more balanced and ILS capital appears more disciplined, according to Swiss Re’s CEO Christian Mumenthaler.

Climate risk insurtech The Demex Group has raised $5 million from a syndicate of new and existing investors to deliver its severe convective storm (SCS) and other secondary peril focused solution, Retained Climate Risk Reinsurance (RCR Re), to market.

Global insurance and reinsurance broker Aon has strengthened its Risk Capital capabilities with the appointment of Joe Peiser as Chief Executive Officer (CEO) of Commercial Risk Solutions and Paul Shedden as head of advanced risk analytics for Risk Capital.

Twelve Capital, the Zurich-headquartered insurance-linked securities (ILS), catastrophe bond and reinsurance investment manager, has said that it expects no direct losses from the wildfires in Hawaii, while typhoon Lan’s passage through Japan is not expected to cause much of an impact to its portfolios.