Reinsurance News

FG Financial Group, Inc., the company was formed out of 1347 Property Insurance Holdings, Inc., has announced that it is raising capital for its first collateralized reinsurance sidecar, to provide additional capacity to fund its expansion into the hard reinsurance marketplace.

Ark Insurance Holdings Limited, a property and casualty insurance and reinsurance subsidiary of the White Mountains Insurance Group, Ltd., has succesfully sponsored a $250 million collateralized reinsurance sidecar Outrigger Re Ltd.

Vesttoo, the insurance-linked securities (ILS) focused insurtech company, has made another key hire, bringing onboard former Aeolus Capital Management analyst James Anfossi as a Portfolio Manager based in Bermuda.

The recently enacted legislative reforms to Florida’s property insurance marketplace have the potential to alleviate some of the concerns of the insurance-linked securities (ILS) industry over prolonged trapping of capital, according to AM Best.

While price is, of course, a major focus for the January 2023 reinsurance and retrocession renewals, it is the changes to coverage structures and terms that can drive much better outcomes for reinsurers and insurance-linked securities (ILS) funds in the year ahead.

AXIS Capital, the Bermuda-headquartered global insurance and reinsurance group, has announced Vincent C. Tizzio will become its new President and CEO, taking over from the retiring Albert Benchimol in 2023.

AXA XL Reinsurance (AXA XL Re), the reinsurance arm of AXA XL and part of the global AXA Group, has created a new role in Bermuda, Head of Property, and promoted Tristan Abend to it, giving him responsibility for all US and International property reinsurance business written on the island.

Japanese typhoon Nanmadol, which struck the country in September 2022, is now estimated to have caused a JPY 120 billion insurance industry loss, a 5% increase from the first estimate delivered by PERILS.

France-headquartered global reinsurance company SCOR has renewed its capital markets-backed contingent capital facility, to provide a three-year source of up to €300 million of capital to support the company in the event of extreme natural catastrophe or mortality events.

It’s the time of year for op-ed and outlook articles and Patrick Hartigan, Group Head of Treaty business at insurance and reinsurance specialist Beazley has given a clear explanation for some of the issues that have led to the hardening of the property market.