Reinsurance News

Vantage Risk, a Class of 2021 insurance and reinsurance start-up launched by industry veterans Greg Hendrick and Dinos Iordanou, has gained a significant vote of confidence in securing another commitment of up to $200 million in private equity funding.

Global insurance and reinsurance market losses from natural catastrophes and severe weather events reached an estimated $122.4 billion for full-year 2021, according to analysts at investment banking firm Jefferies.

At the end of last year and around the key reinsurance renewal season, catastrophe bond funds and cat bond investors showed both their strong appetites for assuming risk, as well as some caution when it comes to risks that are less frequently seen in the cat bond market, investment manager Plenum explained.

Australian primary insurer Suncorp has purchased an additional $75 million in aggregate excess-of-loss reinsurance in December in response to its natural catastrophe costs coming in well-above budget for the first-half of its fiscal year.

France-headquartered global reinsurance firm SCOR has reduced its natural catastrophe exposure at the January renewals and managed a challenging retrocession market through the use of third-party capital and upsizing its sidecar capacity to US $300 million.

Vermeer Reinsurance Ltd., the joint-venture and rated underwriting vehicle that is managed by RenaissanceRe and capitalised by Netherlands-based pension investor PGGM, expanded its balance-sheet to $1.3 billion in 2021, as the investor added a small amount to its commitment during the year on behalf of Dutch pension PFZW.

In a new report, analysts from Moody’s Investors Service explained that the just completed January renewals, alongside market conditions and forces, confirm its expectation that prices will rise further in 2022.

TigerRisk Partners LLC, the global risk, capital and reinsurance brokerage and advisory, has announced the hiring of former Liberty Mutual executive Joel Hodges to a new role focused on overseeing and delivering an international data analytics strategy.

The CATCo Reinsurance Opportunities Fund Ltd., the listed, retrocession focused insurance-linked securities (ILS) fund strategy managed by Markel CATCo Investment Management, has recovered more value for its investors, with favourable development related to 2017 and 2018 catastrophe loss events.

Direct to consumer homeowners insurtech Kin Insurance appears to have an ambition to take greater control of its reinsurance arrangements, as it has established a Bermuda based captive reinsurance platform and a related holding company named Kincession, Ltd.