Reinsurance News

W. R. Berkley Corporation, the US headquartered insurance holding company, has continued to expand the premiums ceded to investors backing its Lifson Re collateralized reinsurance sidecar vehicle during the third-quarter of 2022.

Florida’s property insurer of last resort Citizens Property Insurance Corporation has significantly increased its loss estimate for hurricane Ian, raising it to $3.8 billion, a level at which some private market reinsurance capacity will likely come into play, but leading it to believe its catastrophe bonds won’t be triggered.

One Concern, a resilience-as-a-service solutions provider with a focus on providing upfront information on potential financial impacts of climate related loss events, has appointed former RMS employee Tim Kinsella as its Executive Director, Sales – P&C Insurance.

Kestrel Group, the program specialist launched earlier this year by the Ledbetter family, has hired Dan Dijak from Vesttoo to lead its business development and strategy efforts, as it seeks to position itself as a key conduit in the market chain to facilitate the expansion of insurance-linked securities (ILS) into new lines of business.

London headquartered specialty insurance and reinsurance firm Beazley has launched a new capital raising effort, aiming to raise £385 million from an Ordinary share issuance, with more set to be raised from an additional retail placing, which will help fund growth in the hardening market environment.

Hannover Re made an additional recovery from its pandemic retrocession arrangement in the third-quarter of 2022, as the long-standing capital markets backed mortality swap continued to demonstrate its value for the firm.

Beazley CEO Adrian Cox forecasts a “structural change” in the reinsurance market at the January 2023 renewals, especially in property risks, an area his company is ready to capitalise on by writing more business.

Netherlands-based pension investor PGGM has subscribed for another $100 million in shares of its RenaissanceRe managed joint-venture and rated underwriting vehicle Vermeer Reinsurance Ltd. during the third-quarter of 2022.

Hurricane Lisa’s landfall in Belize on November 2nd has triggered an innovative parametric insurance product that provides a form of protection to fund repairs following storm damage to the largest barrier reef in the Atlantic Ocean.

In announcing a trading update this morning, London headquartered insurance and reinsurance firm Beazley has implied that it will double-down on property risk underwriting in the hardening market, given the “outsized returns” it anticipates will be available.