Reinsurance News

The United States continued to be affected by severe weather on Tuesday, with the most impactful event seeming to be a tornado that tore through the New Orleans metro area last night.

As the US Securities & Exchange Commission (SEC) publishes a new set of proposed rules on climate risk disclosure, it’s becoming increasingly clear regulating for climate risk reporting is going to drive risk management and risk transfer spend, with ramifications and opportunity for insurance, reinsurance and insurance-linked securities (ILS).

Insurtech Lemonade has launched a parametric climate risk transfer initiative that will utilise the blockchain and cryptocurrency technology to deliver affordable climate insurance to the world’s most vulnerable farmers.

Insurance-linked securities (ILS) investment manager Nephila Capital has sold its ownership stake in multi-class international MGA platform Volante Global to fintech broker owner Acrisure.

Ledger Investing, the insurance technology (insurtech) and insurance-linked securities (ILS) focused company, has launched a new transparency initiative, making its transaction data publicly available to demonstrate the traction it has been experiencing.

Parts of the southern United States were hit by severe weather and a number of damaging tornadoes last night in a convective weather outbreak that is forecast to continue through Wednesday this week.

Despite attempts to reform the Florida property insurance market and the fact newly litigated claims dropped in February 2022, the litigation exposure of P&C insurance carriers in the state remains a concern, according to Wesley Todd, CEO of CaseGlide.

RenaissanceRe, the Bermuda headquartered reinsurance underwriting firm and third-party capital manager has appointed long-serving employee and former global property catastrophe head Cathal Carr to lead its climate and sustainability strategy.

Florida’s Citizens Property Insurance Corporation is debating buying anything from zero to over $3.4 billion of new reinsurance and risk transfer in 2022, with catastrophe bonds an option as usual.

A significant insurance and reinsurance M&A transaction has just been announced, with Warren Buffett’s conglomerate Berkshire Hathaway set to acquire Alleghany Corporation, the owner of reinsurer TransRe, in an all-cash deal valued at $11.6 billion.