Reinsurance News

Nephila Capital, a leading dedicated investment manager in the insurance-linked securities (ILS), weather and catastrophe reinsurance space, has reported a significant increase in the profitability of its flagship Syndicate 2357 at Lloyd’s, as the structure reported a combined ratio of just 57.5% for 2022.

At the just completed April 1st 2023 reinsurance renewals even the most favoured clients have paid more for their coverage, while no geographic region was immune to the market price correction, Gallagher Re has explained.

Insurance and reinsurance linked investment manager Nephila Capital saw its specialty lines focused Syndicate 2358 at Lloyd’s deliver a profit in its first year of trading, with an 88.3% combined ratio.

Florida’s Citizens Property Insurance Corporation is asking the regulator to approve average rate increases of 14.2%, to cover off rising costs, including from reinsurance, and to bring its rates closer to the private market.

Over the last wake an outbreak of severe convective storms in the United States that also included the deadly tornado event that devastated the towns of Rolling Fork and Silver City in Mississippi are together anticipated to drive hundreds of millions of dollars worth of insurance market losses, according to Aon.

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.