Reinsurance News

According to Artemis’ sources there have been some signs of increased appetites among certain markets, but in general the ongoing and yet-to-clear January 2023 reinsurance renewals have exposed a gulf between property catastrophe capacity and demand for cover.

The ongoing extreme cold, blizzards and severe winter storm weather that has impacted much of the United States, Canada and even stretched down to northern Mexico, is expected to be a costly event in insurance terms, given the significant footprint of the polar weather event.

Peter Zaffino, the CEO of insurance giant AIG, sees the current hardening reinsurance market environment as a “solid growth opportunity” for the firm’s Bermuda-headquartered reinsurer Validus Re.

Insurance and reinsurance broking group BMS has now secured a growth investment of up to £355 million from Eurazeo, a global investment company with €32.4 billion in assets under management.

Global reinsurance giant Munich Re is revisiting its relationship with capital market investors in its collateralized reinsurance sidecar vehicle for 2023, with a first tranche of Eden Re II notes issued, albeit at smaller size than previous years.

Vantage Risk, the Bermuda headquartered insurance and reinsurance company, has put together close to $1 billion of capital for deployment into property catastrophe reinsurance opportunities around the 1/1 2023 renewals, using its AdVantage collateralized insurer class of company.

The Progressive Corporation has significantly reduced its loss estimate for hurricane Ian, lowering it by $400 million to $1 billion, which implies the insurer will be making a smaller reinsurance recovery than it initially anticipated.

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.