Reinsurance News

The financial regulator in Egypt has become the latest government entity to look to implementation of an insurance-linked securities (ILS) framework within the country.

ICEYE, a provider of satellite data and services to inform decision-making and analysis, has announced that its satellite data and imagery will be explored to provide the inputs to support the parametric insurance trigger for a recently announced UNDP backed project in Ghana.

With the world’s economies grappling with inflation, higher rates and a developing cost-of-living crisis, property insurance and as a result reinsurance claims are set to be one of the area’s of the market most affected, Swiss Re has said.

Florida’s Citizens Property Insurance Corporation looks set to continue rapidly growing its exposure, with its policy count likely to near record levels again in 2023, according to President and CEO Barry Gilway.

In another sign of the still-challenging coastal and in particular Florida property insurance market, property and casualty (P&C) insurer United Insurance Holdings Corp. (UPC Insurance) has announced a strategic review of its options, including raising more capital.

The alternative capital markets, so insurance-linked securities (ILS) funds, ILS investors and other third-party capital sources, have played an important role at a mid-year reinsurance renewal that saw demand increase in a capacity constrained marketplace.

Prospero Re Ltd., the rated reinsurance vehicle of Bermuda headquartered ILS fund and investment manager Resolute Global Partners, (formerly ILS Capital Management), has exceeded rating agency KBRA’s expectations on the execution of its modified business plan.

The French association of insurers has said that a series of storm systems that struck the country since late May have caused close to EUR 4 billion of insurance market losses, with nearly a million claims filed.

The Lloyd’s insurance and reinsurance market’s willingness to adapt its capital framework is seen as positive by broker Gallagher Re, who in a new report noted the use of ILS structure London Bridge Risk to bring in new capital, contributing to a healthy Funds at Lloyd’s market.

French mutual insurer Covéa has now completed its acquisition of Bermuda headquartered reinsurance company PartnerRe from Italian holding company EXOR, while reinsurance-linked investment cooperation between the companies will continue.