Reinsurance News

Cyber risk analytics and quantification software specialist CyberCube has announced a successful raise of $50 million in capital to fund growth of the business, with reinsurance investment specialist Hudson Structured Capital Management (HSCM) participating again.

A quickfire succession of what were historically considered low-probability events has created an “unprecedented challenge” for the reinsurance industry, making it clearer than ever that “the art and science of ratemaking has to evolve”, according to Moses Ojeisekhoba, Chief Executive Officer, Reinsurance at Swiss Re.

Due to the hardening reinsurance market and the shrunken availability of catastrophe capacity, rate increases are expected to be “significant” and as a result analysts at KBW forecast “much higher catastrophe reinsurance profitability” for the year ahead.

Ahead of a difficult renewal period that looks set to be defined by a shortage of retrocessional reinsurance capacity, it’s clear that the alternative capital space needs to evolve, and yet the conditions providing the impetus may also prevent it from doing so.

RenaissanceRe (RenRe), the Bermuda-headquartered reinsurance and third-party capital management specialist, has secured AM Best ratings for the two reinsurers it had established for its Fontana Holdings third-party capitalised casualty and specialty reinsurance focused joint venture.

The package of reforms targeting Florida’s beleaguered property insurance sector that passed the House of Representatives this week will “save the insurance industry” according to Slide CEO Bruce Lucas, who also said that the reforms can make Florida’s market more attractive for reinsurance capital providers.

The retrocessional reinsurance renewals remain in an almost stand-off situation, with many reinsurers unclear how much retro protection they can go into 2023 with, as quotes are still in short-supply. But, at the same time, it seems there are plenty of potential buyers out there.

The package of reforms to Florida’s property insurance market contained in the Bill being debated during this week’s Special Session has now passed its final real hurdle in the Legislature, having been approved in the House of Representatives. It’s a meaningful step in the right direction, but no panacea for all of Florida’s future insurance […]

Hurricane Ian’s impacts in Florida and on its property insurers could have sounded a death knell for many of them, were it not for the support they’re receiving from their catastrophe reinsurance arrangements, ALIRT Insurance Research has said.

Against the backdrop of increasing impacts from climate change, consultancy EY has suggested that property catastrophe reinsurance rates need to rise by 50% at the 2023 renewals, just to offset rising costs of claims and to restore profitability for the re/insurance sector.