Reinsurance News

Insurers have now received 86,703 claims related to the Southeast Queensland and New South Wales flooding, resulting in an insurance and reinsurance industry loss of an estimated $1.3 billion, according to the Insurance Council of Australia (ICA).

Executives at U.S. primary insurance carrier group, FedNat Holding Company, have reported that the company continues to see positive trends in its Florida homeowners business as the book shrinks and rates increase, while the firm’s catastrophe reinsurance spend fell by $10 million in the fourth quarter of 2021.

Mt. Logan Re Ltd., the collateralized reinsurance sidecar-like and insurance-linked securities (ILS) vehicle operated by re/insurer Everest Re, has appointed former AQR Re chairman Andrew J. Sterge as an independent non-executive director.

Reflecting the significant growth in its use and management of third-party reinsurance capital over the last calendar year, PartnerRe, the Bermuda headquartered reinsurance company ceded a significant increase in premiums to its main insurance-linked securities (ILS) vehicle in 2021.

The Insurance Council of Australia (ICA) has today revealed that claims from the recent and ongoing extreme rainfall and flooding in Southeast Queensland and New South Wales has increased by 12% on yesterday’s count, raising the insured loss estimate to more than $1 billion.

The cyber-attack threat is elevated this year and as the need for risk transfer grows, the re/insurance and insurance-linked securities (ILS) market would benefit from considering ways to formalise what losses are included under cyber ILS deals, according to Tom Johansmeyer, Head of PCS.

Vesttoo, the insurtech that uses proprietary artificial intelligence and machine learning to help companies assess and transfer risks to the capital markets, has hired a number of high-profile members to spearhead its global expansion as the company strives towards its $7 billion capacity target.

Through 2021, Bermuda headquartered insurance and reinsurance firm AXIS Capital managed down its catastrophe probable maximum losses (PML’s) through portfolio pruning and use of third-party capital.

The Insurance Council of Australia (ICA) has continued to count rising claims from the recent and in some parts ongoing extreme rainfall and flooding that has affected the Australian east coast region, with claims rising another 25% in the last day and an early estimate of $900 million being given for the insured cost so […]

Insurance and reinsurance broker Miller, the independent and private equity funded broking group, is seeking to build on its insurance-linked securities (ILS) activity in Bermuda with the hire of former Markel and Lodgepine employee John Duda.