Reinsurance News

The latest update from the Insurance Council of Australia (ICA) reveals that insurers in the country have now received 126,511 claims related to the flooding in Southeast Queensland and New South Wales.

Global reinsurance company Hannover Re could find some support from its capital markets backed K-Cessions quota share sidecar facility for certain non-war specialty lines exposures to the ongoing conflict in Ukraine.

SiriusPoint and Mosaic Insurance, which both launched in February of last year, have entered into a strategic partnership which includes an investment from the former into the latter, and also the sale of Sirius International Managing Agency (SIMA) at Lloyd’s to Mosaic.

The Insurance Council of Australia (ICA) has reported that estimated insurance industry losses from damages caused by floods in Queensland alone have now exceeded $1.1 billion, while claims from New South Wales increased by 18% on yesterday’s figure.

AXA XL, the commercial insurance and reinsurance operation of the global AXA Group, has appointed Nancy Bewlay as its new Chief Executive Officer (CEO) of Reinsurance, as Charles Cooper steps down after more than two decades of service.

German reinsurer Hannover Re booked gross losses from natural and man-made losses of approximately €2.65 billion in 2021, but its net impact from these 29 events amounted to just €1.25 billion, suggesting the firm passed a sizeable amount of its losses to its retrocession partners during the year.

American Equity Investment Life Holding Company, a US annuity insurance and investment company, is planning to establish sidecar structures to bring third-party reinsurance capital into its operation and generate additional fee income for its business.

The African Risk Capacity (ARC) has now presented the Government of Madagascar with a “symbolic” $10.7 million cheque after the impacts of tropical cyclone Batsirai triggered the country’s parametric tropical cyclone insurance coverage.

Pool Re, the UK government backed mutual terrorism reinsurer, saw significant interest and appetite from the capital markets for the issuance of its £100 million (USD 131m) Baltic PCC Limited (Series 2022-1) terror catastrophe bond, leading to an increase in the number of investors compared to its 2019 placement.

Australian primary insurer IAG expects to incur net costs of around AUD 74 million for the storm and flooding event that started in February 2022, which represents a decline on the March 1st estimate as the carrier utilises $95 million of its aggregate reinsurance protection, post-quota share.