Reinsurance News

Julian Enoizi, the former CEO of UK government backed terrorism reinsurance entity Pool Re, has been hired by global reinsurance broker Guy Carpenter, to lead its global Public Sector efforts.

Robus, the insurance management, fiduciary and financial advisory firm that is part of the wider Ardonagh insurance and reinsurance Group, has named Jamie Polson as the new leader of its Robus Guernsey office.

The global insurance and reinsurance industry faced $111 billion of natural catastrophe losses in 2021, according to Swiss Re, which is a 6% increase on its $105 billion estimate from December.

Occam Underwriting, the specialist lines focussed Managing General Agency (MGA), that counts reinsurance and insurance-linked securities (ILS) investor Hudson Structured Capital Management (HSCM) as its majority owner, has now completed its acquisition of terrorism risk focused MGA Beech Underwriting Agencies Ltd.

Re2 Capital has been launched by three well-known former employees of ILS manager Nephila Capital, with a mission to structure innovative climate risk transfer and financing solutions that can connect private investment capital and risk capacity to climate-linked opportunities.

Lexington Insurance Company, the U.S. based surplus lines insurer arm of global player AIG, has reportedly announced a pull-back from Florida’s high-value homeowners insurance market, with plans to stop offering personal lines property coverage from August.

The Lloyd’s insurance and reinsurance market is understood to be in active discussion with financial market regulators over an expansion of the regulatory approvals for its insurance-linked securities (ILS) structure London Bridge Risk PCC.

Australia is flooding again, with weather forecasters talking about a “rain bomb” for the Sydney and surrounding region of New South Wales and flood waters rising in some areas already impacted by the recent severe weather and floods that struck in late February.

The closing date for the buy-out schemes for the Markel CATCo retrocessional reinsurance investment funds was yesterday March 28th and as a result distributions of the remaining value in the ILS fund strategies to investors have begun.

Weather forecasters are warning of another dangerous severe storm and convective weather outbreak this week for southern states of the US, with torrential rain, large hail, damaging winds and some tornadoes possible.