Reinsurance News

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.

Markel CATCo Investment Management has announced a sweetening of the terms of the buyout process for its retrocessional reinsurance investment funds, after a settlement was reached and more investor support for its winding down was received.

Markel Corporation has full-confidence in the ability of its insurance-linked securities (ILS) specialist manager Nephila Capital to deliver results over the long-term and looks forward to realising more synergies with the ILS operation, according to Co-CEO Richie Whitt.

ICEYE, a provider of satellite data and services to inform decision-making and analysis, has raised a $136 million Series B investment round and intends to spend some of the funds on building out its range of natural catastrophe focused products for the insurance and reinsurance sector.

After a calendar year in which US primary insurance carrier Allstate reported almost $3.34 billion of catastrophe losses, it is no surprise to see the company extolling the importance of its traditional and capital markets reinsurance arrangements.

After another catastrophe loss year where the insurance and reinsurance industry has experienced a significant burden from so-called secondary perils, James Vickers, Chairman International, Reinsurance at Gallagher Re has called for a “redefinition” to be considered.

Hannover Re faced more challenging market conditions when placing the renewal of its retrocession program at 1/1, resulting in a shrinking of protection, with its capital markets backed K-Cessions quota share sidecar facility declining 26% to around $450 million.

Assets under management at Markel’s flagship insurance-linked securities (ILS) operation Nephila Capital dropped by roughly $1 billion during the second-half of 2021, as the effects of natural catastrophe activity and redemptions dented the ILS fund managers scale.

Global reinsurance firm Hannover Re has reported strong growth and price increases at the key January 2022 renewal season, with particularly strong expansion of its portfolio of natural catastrophe risks, leading the reinsurer to also increase its major loss budget for 2022.

Broking group Marsh has announced the hiring of Matthew Latham as Alternative Risk Transfer Leader, UK & Ireland, a position that will see him working closely with structured reinsurance, climate risk transfer and parametric insurance teams.