Reinsurance News

Global insurance and reinsurance giant Zurich has detailed some changes to its reinsurance program at the end of the first-half of 2022, with its global catastrophe treaty expanding in terms of coverage, while in Europe its’ retention has dropped.

HCI Group, Inc., the Florida headquartered property and casualty insurer and parent of Homeowners Choice Property & Casualty Insurance Company and insurtech TypTap, sees an opportunity to expand into the Florida market on its own terms, CEO Paresh Patel has said.

Australian headquartered global insurance and reinsurance group QBE saw a steep increase in reinsurance recoveries in the first-half of the year, which helped to offset elevated natural catastrophe and severe weather claims for the company.

The CATCo retrocessional reinsurance investment portfolio continues to benefit from favourable development on reserves, with the manager expecting yet another release of side pocket investment capital later this year, which it expects to buy back more shares with.

Florida’s residual market insurer, or insurer of last resort, Citizens Property Insurance Corporation, has now surpassed more than 1 million policies again, the first time it has been at this level of portfolio exposure, in terms of policy count, since 2013.

The first-half of 2022 saw private insurance-linked securities (ILS) funds, so those allocating to collateralised reinsurance, retrocession and other ILS assets, as well as catastrophe bonds, deliver an average performance, in terms of returns to their investors.

Weston Property & Casualty Company has now had a receiver confirmed for an insolvency process and liquidation of the company, and it’s been claimed that the insurers assets were insufficient to meet its liabilities, while it had also failed to place its mid-year reinsurance renewal.

The rumoured acquisition of hybrid P&C program, fronting and risk transformation company Transverse Insurance Group by MS&AD Holdings, through its Mitsui Sumitomo Insurance unit has now been confirmed, as the firms made a joint announcement this morning.

American International Group (AIG) is looking to take control of its reliance on and access to reinsurance capital for its high-net-worth property business, and plans to set up a new third-party capital backed structure to support a shift of cat-exposed property underwriting to the non-admitted market.

The relative performance of Hiscox’s insurance-linked securities (ILS) funds drove investor interest in deploying more capital to them, leading to the significant fundraising success reported recently, Hiscox Group CEO Aki Hussain explained.