Reinsurance News

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.

The African Risk Capacity (ARC) has selected reinsurance broker Gallagher Re to assist it with its own risk transfer needs, with the design of alternative risk transfer mechanisms, such as insurance linked securities (ILS) part of a development plan for its portfolio hedging and risk transfer arrangements.

The industry loss warranty (ILW) market has softened somewhat, seemingly in-line with the catastrophe bond market, with what were record high ILW rates-on-line now coming in on average roughly 12% lower for the second-quarter of 2022, according to our sources.

Tremor Technologies, the insurtech operator of a programmatic risk transfer marketplace, is launching a division focused on residual and public funded insurance markets, saying that they deserve better reinsurance placement outcomes and that taxpayer funded entities need transparency over price discovery.

As the state of Florida begins to look a more attractive proposition for property insurance underwriting in the wake of the significant legislative reforms that are being enacted, HCI Group is looking to capitalise on the opportunity, with the launch of a new Florida domestic named Tailrow Insurance.

Severe and convective weather losses in the United States for the first-quarter of 2023 could develop to become the largest insurance industry loss for Q1 on record, according to a forecast from broker BMS.