Reinsurance News

Essent Guaranty, a wholly owned subsidiary of Essent Group, has announced the successful closing of its ninth mortgage insurance-linked securities (ILS) transaction, Radnor Re 2023-1 Ltd., which provides the firm with $281.5 million of fully collateralized excess of loss reinsurance coverage.

The Board of Directors of under fire insurtech Vesttoo has announced the appointment of Ami Barlev as interim Chief Executive Officer (CEO), as Yaniv Bertele, one of its co-founders who served as CEO, is on paid leave as the alleged collateral fraud issue continues to be investigated.

The Florida insurance and reinsurance marketplace remains dysfunctional according to Swiss Re CFO John Dacey, who said that the reinsurance giant remains underweight in the state, despite some signs improvement could be on the horizon.

German reinsurer Hannover Re has purchased a significant amount of retrocession protection in 2023, and while this has limited its growth appetite in the natural catastrophe space, the company has sufficient room to expand its appetite should opportunities present themselves, according to Sven Althoff, Member of the Executive Board, P&C, Hannover Re.

Globally, the severe convective storm (SCS) peril caused insurance and reinsurance industry losses of $35 billion in the first half of 2023, the large majority of which occurred in the U.S., accounting for around 70% of worldwide insured losses from natural catastrophe events in the period, reports Swiss Re.

Porch Group, a software driven financial services group with a homeowners insurance arm, has revealed exposure to reinsurance contracts arranged via Vesttoo and has realised a charge of $48.2 million in its second-quarter results because of this, while pursuing $300 million of collateral from a letter of credit (LOC).

Hiscox Group disclosed this morning that its Hiscox ILS insurance-linked securities (ILS) fund management unit experienced some further outflows in the last quarter, ending the half-year with total ILS assets of $1.7 billion.

German reinsurance giant Hannover Re has reported an improved underwriting result in its property and casualty (P&C) reinsurance segment for the first half of 2023, as large losses of EUR 607 million fell within the budgeted expectation.

Australian primary insurer Suncorp said this morning that its fiscal year aggregate reinsurance arrangement did not trigger, despite elevated natural hazard claims in the period.

The collateralized insurer class of company that was set up by under-pressure insurtech Vesttoo is now being liquidated, with the company stating that it has opted to focus its activities “on a limited number of high-quality and large markets.”