Reinsurance News

Having had its rating withdrawn recently, Florida focused property insurance carrier Weston Property & Casualty Company is now heading for insolvency, after the regulator initiated delinquency proceedings against it.

Global reinsurance firm Swiss Re has set up a new insurance-linked securities (ILS) venture, launching an SEC registered investment adviser today named Swiss Re Insurance-Linked Investment Advisors Corporation (SRILIAC), which will have a focus on catastrophe bond investment management.

PartnerRe, the Bermuda headquartered reinsurance company, has retained an important investment into its third-party capital vehicles from former owner Exor and reported a growing P&C reinsurance business at a profitable combined ratio.

Global reinsurance company Hannover Re has continued its strong growth through the first-half of 2022, with the firms gross premiums written growing by almost 20% across the group and 26% in the P&C reinsurance business.

As a rating agency and scorekeeper of record for insurance carrier financial stability, Demotech is not the problem in the challenged insurance markets, such as Florida, Louisiana, or elsewhere, according to Steve Menzies, Chairman of Applied Underwriters.

Insurance holding company W. R. Berkley Corporation has significantly expanded its use of the Lifson Re collateralized reinsurance sidecar vehicle during the first-half of 2022, ceding much more in the way of premiums to investors through the structure.

United Property & Casualty Insurance Company (UPC), a carrier of the United Insurance Holdings Corp. group, has become the first downgraded carrier in Florida to become eligible for support via the Citizens guarantee arrangement.

The announcement today of a new insurance-linked securities (ILS) structure for the Lloyd’s of London insurance and reinsurance market brings much greater flexibility to the way Lloyd’s participants can access the capital markets and investors access risk from underwriters in the market.

Markel’s flagship insurance-linked securities (ILS) fund management operation Nephila Capital saw another significant rise in catastrophe reinsurance premiums underwritten during the second-quarter of 2022.

Hiscox ILS, the insurance-linked securities (ILS) and collateralised reinsurance underwriting and investment management unit of the Hiscox Group, had significant fund-raising success through the second-quarter of the year, lifting its ILS assets under management to $1.9 billion.