Reinsurance News

United Insurance Holdings Corp. (UPC Insurance) is the second of the Florida and coastal carrier specialists to announce a significant $1 billion gross loss estimate for hurricane Ian, with the majority of that to be ceded to its reinsurance partners.

There are likely to be some retrocession market wildcards in the wake of hurricane Ian at the next major set of reinsurance renewals on January 1st 2023, according to Moody’s Investors Service.

The value of insurance-linked securities (ILS) held in the dedicated mutual ILS investment fund operated by Amundi US Investment Management, the Pioneer ILS Interval Fund, almost caught up with their cost in the last quarter of record.

Resolution Life, the legacy life insurance investments arm of insurance entrepreneur Clive Cowdery’s Resolution Group, is aiming to raise $3 billion in capital through a newly established perpetual capital vehicle, with Blackstone as an anchor investor and strategic partner to drive future growth.

The insurance, reinsurance and ILS industry needs to demonstrate that it can deliver attractive underwriting returns over a sustained period in order to attract more ILS capital, Lancashire CUO Paul Gregory believes.

AGILE Risk Partners, a specialist technology-focused direct & facultative (D&F) property risk underwriting start-up that brings diversified capital to its deals, told Artemis it has deployed an initial $50 million from a $250 million allocation to distressed areas of the market.

Before hurricane Ian devastated western Florida, the U.S. Federal Emergency Management Agency (FEMA) had already begun the process towards a January 2023 renewal of the National Flood Insurance Program’s (NFIP) traditional reinsurance tower.

Universal Insurance Holdings, the Florida headquartered primary insurance carrier, has pre-announced an expectation that it will suffer around $1 billion of gross losses after hurricane Ian, with the impact to fall well within its reinsurance tower that provides coverage to just over $3 billion.

Hurricane Ian is expected to be the largest single insurance industry loss event ever witnessed, with the final bill estimated to be above $75 billion once LAE is factored in, according to analysis from Stonybrook Capital.

Tremor Technologies, the insurtech operator of a programmatic insurance and reinsurance risk transfer marketplace, has announced a new Reinsurer Product Council, a group of eight global reinsurance companies and ILS funds who will help to set the future product development roadmap.