Reinsurance News

How catastrophe exposed a property in the United States is has been playing into how easy or expensive buying insurance for it has been for some quarters now and at the start of 2022 it remained a key factor, as in some cases rates are appearing to accelerate again, according to MarketScout.

Bermuda-based RenaissanceRe Holdings Ltd. (RenRe) has created its first third-party reinsurance capital backed joint venture focused on casualty and specialty risk, Fontana Holdings L.P., which launches with $475 million of capital, most of which comes from institutional investors.

The upcoming June 2022 Florida reinsurance renewals are likely to be one of the toughest in recent memory, as the availability and affordability of lower layer reinsurance dries up, leaving any carrier with capital issues in a challenging position.

At the April 1st reinsurance renewals, the insurance-linked securities (ILS) market played a role as usual and was relatively stable, but the retrocession marketplace is one area that continues to become increasingly complex, according to James Vickers.

The majority of insurance-linked securities (ILS) fund managers responded to a survey on non-affirmative cyber risk to say that they believe they have exposure in their ILS portfolios, according to PCS.

Reinsurance capital sources will bear the brunt of the losses from the recent severe flooding in Australia, with primary insurer retention expected to be relatively minimal, according to rating agency AM Best.

The outstanding market for catastrophe bonds and related insurance-linked securities (ILS) reached a new all-time high at the end of the first-quarter of 2022, as a busy start to the year took Artemis’ measure of the sector to $37.5 billion.

March 2022 is on-track to beat the record for the most tornadoes to be recorded in that month, while the most recent severe convective storm and tornado outbreak from this week will add hundreds of millions of dollars to insurance market losses, according to Aon.

Mt. Logan Re Ltd., the collateralized reinsurance sidecar-like and insurance-linked securities (ILS) vehicle operated by re/insurer Everest Re, has announced two key appointments as it continues to build-out its team.

Florida’s Citizens Property Insurance Corporation added on average 32,000 new policies to its portfolios every month through 2021, with projections for the end of 2022 suggesting it may have almost 1.1 million policies in-force, driving the need for more catastrophe bonds and reinsurance risk transfer.