Reinsurance News

Lloyd’s of London will today announce a significant expansion of its London Bridge insurance-linked securities (ILS) platform, with a plan to welcome more capital, new types of reinsurance transactions and make the transfer of different kinds of risks to capital market investors simpler.

US property & casualty insurance giant The Travelers Companies was “pleased” with the reception its latest catastrophe bond received in the market, as it increased the amount of reinsurance cover it has from capital market cat bond investors during its latest renewal.

The state of Louisiana is concerned the reinsurance market could begin to reject its property risks, with the Insurance Commissioner saying he feared a “redlining” after consecutive major hurricane loss years and other market challenges.

Property insurers based and operating in the state of Louisiana have continued to see the claims tally from last year’s hurricane Ida creep higher, with the total loss now reaching $13.1 billion, according to the state’s Insurance Commissioner.

So-called secondary perils are driving insured losses around the globe, according to reinsurance giant Swiss Re, who also said the fingerprints of climate change are evident in the increasing frequency and severity of losses.

Fleming Insurance Holdings, a property and casualty prospective and retrospective capital solutions provider, has hired former Point72 executive Samir Khare as Head of Casualty ILS Solutions, as the firm looks to the capital markets to securitize insurance risk.

Rating agency Demotech began to take actions on Florida’s property insurance marketplace yesterday, with a number of changes and withdrawals of ratings evident.

Vesttoo, the insurtech that uses proprietary artificial intelligence and machine learning to help companies assess and transfer risks to the capital markets, is expanding into the Japanese market and has hired experienced reinsurance industry executive Kunihiko Iinuma to lead a new office there.

The awaited changes to ratings of property insurance carriers with a Florida focus by rating agency Demotech have begun, with United Property & Casualty Insurance Company downgraded two notches to “M”, while insurers FedNat and Weston have both had their ratings withdrawn.

Raincoat, an insurtech that develops scalable embedded climate insurance products with parametric triggers, has raised a $4.5 million seed round to help it build-out its mission to provide climate disaster insurance for a new era.