Reinsurance News

Global reinsurance giant Swiss Re continues to maintain an underweight stance to the Florida marketplace, feeling that rates remain too low and that state intervention is not helping, when what is needed is price transparency, the firm’s leadership recently explained.

Recent severe inland flooding across the United States, including the Kentucky floods that have devastated many communities, are not expected to result in losses that would trouble the National Flood Insurance Program’s (NFIP) reinsurance or catastrophe bonds.

This weekend it was reported that Japanese insurance group MS&AD Holdings, through its Mitsui Sumitomo Insurance unit, has made an at least $400 million bid to acquire hybrid P&C program, fronting and risk transformation company Transverse Insurance Group.

The new Lloyd’s sponsored protected cell company that was announced last week, London Bridge 2 PCC Ltd, represents “an efficient mechanism” for both existing and new investors to access risk from the Lloyd’s market, according to Clifford Chance.

Australian primary insurance giant Suncorp reported its fiscal year 2022 results to June 30th this morning, revealing that its natural hazard losses ran above budget during the year, resulting in “significant recoveries” from its reinsurance.

Building on last year’s launch of a solution to help corporations better manage climate risk and climate change exposure, with the help of parametric risk transfer to captive insurance structures, Arbol has now launched a new climate risk focused parametric insurance captive in Connecticut.

We’ve learned from sources that Florida focused P&C insurer Weston Insurance never actually completed its debut catastrophe bond deal, the what was supposed to have been $45 million Marlin Re Ltd. (Series 2022-1) cat bond deal.

Global insurance and reinsurance company Everest Re ceded fewer premiums to its third-party capital investors in Mt. Logan Re during the first-half of 2022, but also positively for returns from the vehicle fewer losses were ceded to it as well.

United Insurance Holdings Corp. has highlighted how it continues to face significant uncertainty after the downgrade by Demotech of its United Property & Casualty Insurance Company (UPC) carrier, despite having been deemed eligible for support via the Citizens guarantee arrangement.

TransRe, the reinsurance underwriting brand of the Alleghany Corporation, has continued its pull-back from property catastrophe reinsurance exposures during the second-quarter of the year, with another 17.2% reduction in premiums.