Reinsurance News

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.

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.