Reinsurance News

Insurance giant AIG has announced that Christopher Schaper will be named the firm’s Global Chief Underwriting Officer, effective when the previously announced sale of reinsurance unit Validus Re to RenaissanceRe completes.

Rating agency DBRS Morningstar says that the credit implications of the Vesttoo linked collateral issues should remain manageable for most insurance and reinsurance firms, but that “a number of fronting specialist insurers could have more significant exposure.”

Severe convective storm industry losses for the second-quarter of 2023 could approach the $30 billion mark, and RenaissanceRe believes three events have the potential to hit $4 billion each, its CEO said yesterday.

Speaking this morning during his firm’s earnings call, Adrian Cox, the CEO of London headquartered specialty insurance and reinsurance firm Beazley, gave a “hypothetical” answer to a question about potential exposure to the Vesttoo linked collateral issue.

Global reinsurer SCOR has reported strong property and casualty reinsurance renewals at the middle of the year, citing a goal to optimise value creation and technical returns across its portfolio.

Everest Group, formerly known as Everest Re, has reported record growth in its reinsurance segment, as the company leaned into the hard market conditions to secure higher returning business.

Insurance-linked securities (ILS) investor appetite may still be challenged towards the end of this year, which alongside a lack of confidence that any meaningful reinsurance start-ups could get to market in time for the renewals, leads RenaissanceRe’s CEO Kevin O’Donnell to believe the hard market can persist.

Lumen Re, the rated reinsurance company of LGT ILS Partners, the specialist dedicated insurance-linked securities (ILS) investments unit of the private bank and asset manager LGT Capital Partners, has reported higher net premiums, revenues and profits for 2022, although gross premiums written declined in the year.

Fronting specialist Clear Blue Insurance Insurance Group has had its A- financial strength rating placed under review with negative implications by AM Best as the fall-out from the Vesttoo collateral issues continues.

Insurtech Vesttoo has issued an updated statement related to the allegations that some of the letter of credit (LOC) collateral used to underpin its transactions was forged or fraudulent.