Reinsurance News

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.

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.