Reinsurance News

Australian primary insurance giant Suncorp said this morning that it is treating the recent severe flooding in Australia as four events for reinsurance purposes and that it expects to trigger its aggregate catastrophe reinsurance, its drop-down protection and the main catastrophe excess-of-loss tower.

Universal Insurance Holdings, the Florida headquartered primary insurance carrier, has announced some significant senior leadership changes, the most notable being the hiring of rival Heritage’s Arash Soleimani as Chief Strategy Officer.

The Insurance Council of Australia (ICA) has provided an updated insurance industry loss estimate for recent tropical cyclone Seroja of $346.7 million, while the loss from recent severe flooding in Australia has also continued to rise overnight.

Rate increases alone are no longer considered sufficient to improve the underwriting results of insurance-linked securities managers and reinsurance firms, according to AM Best, who believes that after consecutive years of heavy catastrophe losses the only answer is continued improvement of the quality of portfolios of risk.

Vesttoo, the insurtech that uses proprietary artificial intelligence and machine learning to help companies assess and transfer risks to the capital markets, has closed on an aggregate stop-loss treaty reinsurance arrangement for a large Lloyd’s syndicate, with Acrisure Re broking the deal.

The insurance-linked securities (ILS) sector continues to mature and as it does so new opportunities are presenting themselves, which senior Partners from global law firm Mayer Brown believe could help to stimulate continued market growth in ILS.

The insurance and perhaps reinsurance industry loss from European windstorm Nadia, also known as Malik, has been initially estimated at EUR 272 million by PERILS AG.

Over the weekend, industry insured loss estimates from the Australia flooding in Southeast Queensland and New South Wales rose by another 8% to surpass AU $2 billion for the first time, according to the Insurance Council of Australia (ICA).

Gaining closure over the Markel CATCo retrocessional reinsurance investment funds cleared another hurdle for parent Markel today, after a Bermuda Court sanctioned the proposed schemes to implement the buyout process.

More than 204,000 people in drought-affected parts of Mali are set to benefit from a $7.1 million payout by the African Risk Capacity (ARC) to the United Nations World Food Program (WFP), an ARC replica technical partner which has been subscribing to the climate insurance policy in Mali since 2017.