Reinsurance News

The insurance and reinsurance industry loss estimate for Japanese typhoon Nanmadol, which struck the country in September 2022, has now been lifted to close to US $1 billion by catastrophe loss data aggregator PERILS AG.

AXIS Capital, the Bermuda headquartered global insurance and reinsurance company, has promoted Inmaculada Gonzalez to have global reinsurance buying responsibilities for the group, in the role of Deputy Global Head of Ceded Reinsurance.

USAA, the military mutual insurance firm and long-time catastrophe bond sponsor, has continued to benefit from its capital markets backed reinsurance coverage, with two more recoveries amounting to roughly $5.5 million coming from two of its 2016 vintage cat bond deals in recent weeks.

A number of mortgage insurance-linked securities, or mortgage insurance-linked notes, transactions have had their credit ratings upgraded, as the fundamentals related to them improved on faster pay-downs have helped to build up credit enhancement associated with them.

Analysts at independent ILS investment manager Plenum Investments have suggested that a recent shrinking of insurance-linked securities (ILS) capacity could represent an opportunity for cat bond investors.

One of the insurance-linked securities (ILS) sponsored by financial guarantee and municipal bond specialist Build America Mutual Assurance Company has had its ratings upgraded, while another has been affirmed, as the chance of losses being faced has decreased on quicker than scheduled amortisation of the underlying business.

Artemis has tracked the annual aggregate catastrophe losses disclosed by US primary insurance giant Allstate and with the risk period for its aggregate reinsurance and catastrophe bond arrangements running since April 1st last year, appears to have racked up close to $2.5 billion of pre-tax losses by the end of February 2023.

Intangic MGA, a newly launched cyber insurance focused underwriter, has developed a clever hybrid parametric cyber risk transfer product, with capacity backing from AXA XL.

The African Risk Capacity (ARC), a provider of parametric disaster insurance products, has signed a first-of-its-kind multi-year, multi-peril agreement with the Government of Djibouti, designed with the help of parametric specialist Descartes Underwriting to protect the lives and livelihoods of one of the most climate-vulnerable communities on the African continent.

Gallagher Re CEO James Kent is being promoted to a new Gallagher group role that will see him helping to further the firm’s activities in helping clients access diverse sources of risk finance, and investors access insurance risk as an asset class.