Reinsurance News

Giving a signal as to how the very large carriers of the world may choose to navigate a harder reinsurance renewal environment, George Quinn, the CFO of Zurich, explained that the company could elect to not renew its catastrophe aggregate treaty if the price was too high.

RenaissanceRe, the Bermuda-based reinsurance firm and third-party capital management specialist, has seen a decline in its external capital under management, across joint-venture and ILS fund structures during the third-quarter, as the total fell by 5.5% to roughly $6.32 billion due to losses from hurricane Ian.

United Insurance Holdings Corp. (UPC Insurance) has revealed that it expects to cede roughly $501 million of its hurricane Ian losses to open reinsurance market partners and for the event only has around $9.3 million of limit left in its main tower.

RenaissanceRe, the Bermuda-based reinsurance firm and third-party capital management specialist, has made some changes at the top, promoting David Marra to Group Chief Underwriting Officer, while Ross Curtis moves into the new role of Chief Portfolio Officer.

Lockton Re, the reinsurance arm of the global broking group, has announced the hiring of another property reinsurance and retrocession specialist, in Ben Ryan, who joins the company’s London office from his most recent role with Aon.

For global reinsurance company SCOR, 2022 saw the company adding new quota share sidecar capacity from third-party investors to its retrocession program, as it looked to add more diversification to its retro capital sources, while strengthening its retro protection.

Munich Re’s CFO Christoph Jurecka explained yesterday that the current situation in reinsurance provides the necessary tailwinds for a widespread hard market in 2023.

Global reinsurance company SCOR has reported a net loss for the first nine months of 2022 across its business of EUR -509 million, with its P&C business particularly affected by natural catastrophe losses, hurricane Ian and reserve strengthening in the third-quarter.

During the third-quarter of the year, Universal Insurance Holdings, the Florida headquartered primary insurance carrier, continued to experience loss creep from 2017’s hurricane Irma, ceding additional losses through to reinsurance sources.

Bermuda-based insurance and reinsurance company, Everest Re, continues to benefit from a robust pipeline of insurance-linked securities (ILS) investment opportunities and is seeing a “high degree of interest” in its collateralized reinsurance sidecar-like vehicle, Mt. Logan Re Ltd., according to Chief Financial Officer (CFO), Mark Kociancic.