Reinsurance News

The fact trial lawyers have dumped tens of thousands of lawsuits into the Florida courts in March, just before the state’s tort reform legislative overhaul kicked in, adds another threat to the already challenged Florida insurance market, the Insurance Information Institute (Triple-I) has said.

Global reinsurance company SCOR has given an additional signal on the trajectory of US catastrophe reinsurance rates, citing 40% average rate-on-line increases achieved at the April renewals.

Selective Insurance Group renewed its catastrophe reinsurance tower at 1/1 2023, and this year secured $216 million of fully collateralized limit, the majority of which sits in the top-layer of the program.

Aspen Capital Markets, the third-party and alternative reinsurance capital management unit of global re/insurer Aspen, had a successful year in 2022, growing its assets under management by 42% to reach $1.3 billion over the twelve months.

Global catastrophe losses that will be paid by public or private insurance and reinsurance capital are estimated to have reached $22 billion in the first-quarter of 2023, Gallagher Re has said.

With an improved reinsurance market outlook, new capital is now expected to flow in once earnings delivery has been confirmed in reported results, Aon’s Mike Van Slooten has said.

US primary insurance giant Travelers has reported an elevated level of catastrophe losses for the first-quarter of 2023, which may set the tone for primary carriers in the country, as some may face a burden due to severe convective storms, tornado and typically higher reinsurance attachment points.

Hiscox Re & ILS, the international reinsurance and insurance-linked securities (ILS) arm of the Hiscox Group, has announced the hiring of Minesh Shah from Hamilton Re, who joins the firm as its Director of Underwriting Risk.

The Board of the Texas Windstorm Insurance Association (TWIA) has heard details of an industry-loss warranty (ILW) option for the top of its reinsurance tower, as the insurer of last resort considered buying more protection than its 1-in-100 requires for 2023.

The increases seen in the attachment points of reinsurance covers is expected to benefit reinsurers after the first-quarter, with these moves expected to constrain losses from Q1 catastrophe events, KBW’s analysts have said, which has a positive read-across for ILS strategies.