Reinsurance News

Commenting on the mid-year reinsurance renewals, Joe Monaghan, Global Growth Leader Reinsurance Solutions at Aon said that the market was more orderly, as capacity recovered somewhat, leading to stable conditions across both reinsurance and importantly retrocession.

According to the latest data from insurance and reinsurance broker Aon, alternative reinsurance capital, largely deployed in insurance-linked securities (ILS) formats, has resumed growth and reached a new high of $100 billion.

Two new examples of the collateralized insurer class of company have been set up in Bermuda, with Monarch Point Re (ISAC) Ltd. and Monarch Point Re (ISA 2023) Ltd. both registered by the regulator in May.

Insurance companies have lost control of their claims frequency and the use of technology enabled claims instigation practices to drive more claims through litigation has become a significant social inflationary threat to the industry, with ramifications for the reinsurance and insurance-linked securities (ILS) market, speakers explained in our latest Artemis Live video interview.

The reinsurance market is viewed as the most exciting segment for underwriting at this time, but there is a recognition that should rates continue to rise in 2024, then there is likely to be more meaningful capital entry.

Oxbridge Re Ltd., the Cayman Islands based reinsurance firm with a Gulf Coast risk focus, has successfully raised $2.4 million through the sale of digital or tokenized reinsurance securities named DeltaCat Re, which will be used to support collateralized reinsurance contracts underwritten via its sidecar structure, Oxbridge Re NS.

Parametric insurance solutions continue to be more broadly adopted, but the technology behind their triggers is also critical and solutions are developing fast, Callum Higgins from Moody’s RMS and Martin Hotz from Swiss Re Corporate Solutions explained in a recent video interview.

Howden, the international insurance group, has hired original Artemis co-founder and former WTW executive Rowan Douglas as its new CEO, Climate Risk & Resilience.

Insurance-linked securities (ILS) investors appear ready and willing to take on more peak peril severity catastrophe risk, if the price is right, leading analysts at Peel Hunt to suggest the ILS market is primed for growth.

Victor Insurance Managers LLC (Victor), a global managing general underwriter, has launched a third-party capital backed reciprocal insurance exchange to provide additional US property catastrophe capacity for policyholders of its subsidiary, International Catastrophe Insurance Managers LLC (ICAT).