Reinsurance News

The Bermuda insurance and reinsurance market has weathered recent global volatility and elevated levels of catastrophe events extremely well, demonstrating its resilience, according to Matt Britten at PwC Bermuda.

The Lloyd’s insurance and reinsurance market has delivered underwriting profitability for 2022, with its preliminary results signalling strong growth and a 91.9% combined ratio for the year.

Hiscox has announced the launch of a new environmental, social and goverance (ESG) focused underwriting syndicate at Lloyd’s, for which it will look to partner with third-party capital partners in time.

Thanks to the use of high-resolution data inputs and observations, the parametric trigger for a newly structured New York City neighbourhood parametric flood insurance pilot comes with reduced basis risk, ICEYE has explained.

Hiscox Group reported this morning that its insurance-linked securities (ILS) assets under management of the Hiscox ILS unit are stable at $1.9 billion as of the end of 2022, despite some outflows experienced in the second-half of the year.

Rating agency AM Best is anticipating that property reinsurance prices in the United States remain firm, or harden further, right the way through 2023 at least.

Vortex Insurance Agency, a specialist insurtech that offer parametric insurance and weather risk transfer products, backed by MS&AD group’s Mitsui Sumitomo and a subsidiary of MSI GuaranteedWeather, has launched a new parametric supplemental hurricane coverage option, to better protect small and medium-sized US businesses against major hurricane events.

2023 has the potential to be a transformational year for the insurance-linked securities (ILS) marketplace as it’s increasingly recognised as a viable and important component of a reinsurance strategy by buyers of protection, according to industry expert speakers at ILS NYC 2023.

Reinsurance firm Swiss Re, broker Guy Carpenter and insurtech ICEYE are all engaged in delivering a pilot parametric community flood insurance scheme for New York City neighbourhoods.

Global reinsurance giant Swiss Re has secured another $700 million of alternative capital protection for severe underwriting losses, through another collateralised stop-loss arrangement using its Matterhorn Re SPI, with the funding led by investment bank J.P. Morgan.