Reinsurance News

Global insurance and reinsurance company Everest Re has is experiencing strong investor interest for its Mt. Logan Re Ltd. collateralized reinsurance sidecar-like vehicle, CEO Juan Andrade said yesterday.

Specialty insurance and reinsurance player Brit Ltd. has made two new senior hires to the team of its Sussex Capital ILS management and collateralised reinsurance platform, adding well-known insurance-linked securities (ILS) executives Cornell Fox and Masa Kitade in Bermuda.

Citing recent years of catastrophe losses, rising reinsurance costs and still growing litigation related costs, property and casualty (P&C) insurer United Insurance Holdings Corp. (UPC Insurance), said it is suspending writing new homeowners business in its home state of Florida.

Markel CATCo Investment Management has gained support from a majority of investors in its listed retrocessional reinsurance investment fund for the improved terms of the buy-out offer and an extension of the Support Undertakings to 31st March 2022.

Specialty insurance and reinsurance player Brit Ltd. reported its results for 2021 this morning and its senior executives disclosed that the company experienced increased income through its third-party capital management activities for the year, while these structures also played a role in funding capital to its new algorithmic Ki Syndicate.

Specialty insurance and reinsurance group Lancashire Holdings continued its story of expansion through full-year 2021, reporting a doubling in the size of its property and casualty reinsurance book over the course of the year.

Pacific Gas and Electricity (PG&E), the California electrical utility, is still hoping to recover as much as almost $1.25 billion in additional insurance claims from its carriers for its losses and liability related to three wildfire events from recent years.

Hudson Structured Capital Management (HSCM), the reinsurance, insurtech, insurance-linked securities (ILS) and transportation focused investment manager, has hired Jason Saints from Arch Capital as a Vice President, Re/Insurance of its HSCM Bermuda branch.

Demonstrating that the returns of Lloyd’s insurance and reinsurance market business remains very attractive to investors, Beazley said this morning that its Smart Tracker special purpose arrangement (SPA) syndicate 5623 is now “significantly oversubscribed by third party capital”.

Global insurance and reinsurance giant Zurich has revealed its new reinsurance program for 2022 and it appears that tighter terms and a tougher market for placing aggregate limit has resulted in a higher attachment point, adjusted deductible and a larger co-participation being taken.