Reinsurance News

The Florida Office of Insurance Regulation (OIR) said today it has approved the application for HCI Group’s new Florida-focused carrier, Tailrow Insurance Company.

A new collateralized reinsurance company has been formed, with Cayman Islands-based Northern Reinsurance SPC, Ltd. (Northern Re) established by brothers Anthony and Peter McKelvy to deploy capital against a select group of historically profitable portfolios they know well.

Reflecting the improved underwriting and rate conditions in the global reinsurance marketplace, for the first time in a decade the average underlying return on equity (ROE) has surpassed the sector’s weighted average cost of capital (WACC), data from Gallagher Re shows.

Cincinnati Financial Corporation has announced an expectation that it will report pretax catastrophe losses of approximately $235 million, with severe US storms and tornadoes in March the main drivers.

At this time of year, all thoughts turn to the mid-year reinsurance renewals, particularly those for Florida, and in 2023 it’s expected to be a particularly interesting few months, with signs of competitive tactics already emerging.

Jean-Louis Monnier, a long-standing insurance-linked securities (ILS) focused senior executive at global reinsurance giant Swiss Re, has been named Global Head of ILS, as the firm’s Alternative Capital Partners (ACP) reassigns some responsibilities.

The renewals of US focused reinsurance programs and treaties at April 1 were more orderly than those seen at January, but the rate increases for catastrophe risk exposed towers were still significant, ranging from 30% to 100%, according to Gallagher Re.

Insurance and reinsurance broker Aon’s Impact Forecasting division has issued a preliminary estimate for first-quarter 2023 insured global catastrophe losses, putting the total at around US $15 billion and saying severe convective storms were the main driver.

QBE Re, the global reinsurance arm of the Australian headquartered insurance group, has announced the hiring of Andy Richardson as Head of Underwriting for its Bermuda operation, who joins the company after his last position with ILS specialist manager Aeolus Capital Management.

Resolute Global Partners, a registered investment advisor focused on niche opportunities in the insurance and reinsurance space and formerly known as ILS Capital, has aligned with broker Gallagher Re and catastrophe modeller Karen Clark & Company (KCC) to launch a new reinsurance product named Footprint.