Reinsurance News

Allianz Re, the global reinsurance unit of the Allianz group, has announced the hiring of Sang Hun Park as its new Global Head of Retrocession, with Park rejoining the company after a stint at Munich Re Capital Partners.

The London insurance market has a muted appetite for US catastrophe risks in 2023, according to data from a survey undertaken by international insurance broker Howden.

The government of the Philippines is reported to be back seeking indemnity insurance protection for critical infrastructure and this is said to be being pursued instead of a renewal of its World Bank catastrophe bond, according to Bloomberg.

Asia Pacific reinsurance buyers have been facing the same renewal pressures as seen at the beginning of the year, at April 1st, but the supply-demand dynamic has moderated somewhat, according to Aon Reinsurance Solutions APAC CEO George Attard.

Cyclone Gabrielle’s impacts in New Zealand are estimated to have caused an insurance and reinsurance industry loss of NZ $1.543 billion by PERILS AG.

PartnerRe, the Bermuda headquartered reinsurance company, continued to cede a significant amount of premiums to its main insurance-linked securities (ILS) vehicle Lorenz Re in 2022, but signalling the effects of loss activity, the firm’s reinsurance recoverable from segregated cells of the structure soared.

Citizens Property Insurance Corporation of Florida, the not-for-profit provider of property insurance to those unable to get private market coverage, is planning a significant spend to secure a further $4.2 billion of reinsurance and risk transfer in advance of this years hurricane season.

The collateralized reinsurance sidecar segment of the insurance-linked securities (ILS) market could be the last to rebound, as investors remained “skittish” of these structures around the beginning of the year, Cory Anger of GC Securities said.

London market insurance and reinsurance players need to be able to attract and efficiently deploy third-party capital, if they are to take advantage of the growth opportunities available to them, rating agency AM Best has said.

The Florida homeowners property insurance segment of the market is facing significant challenges after a costly year in 2022, which left the group of main carriers tracked by Fitch Ratings facing a 72% decline in shareholder’s equity.