Reinsurance News

Global insurance and reinsurance giant Chubb reported one of the best year’s in its history in 2021, delivering record full-year net income and particularly strong premium growth in its reinsurance business.

The previously announced sale of ILS fund manager Nephila Capital’s managing general agency (MGA) Velocity Risk Underwriters LLC to funds managed by Oaktree Capital Management, L.P. has now completed.

Parameter Climate, the parametric risk transfer and climate focused underwriter, has announced another key hire, bringing Ralph Renner over from his most recent role at Sompo International, to join the company as a co-founding Partner and its Head of Origination.

Insurers based and operating in the state of Louisiana are reported to be on the hook for $10.5 billion of losses from last year’s hurricane Ida, according to the state’s Insurance Commissioner.

A little outside of the typical Artemis wheelhouse, but this is news we feel our investor community will appreciate and it is also highly relevant for any readers seeking growth equity funding for their risk modelling, analytics and risk transfer businesses.

U.S. primary insurer Kemper Corporation has lifted the top of its catastrophe excess-of-loss reinsurance tower to $350 million for 2022, adding an additional $75 million of occurrence catastrophe reinsurance protection.

The staff of Florida’s Citizens Property Insurance Corporation have published a white paper calling on the Board of the insurer of last resort to publicly support a plan to procure risk transfer, through reinsurance and catastrophe bonds, for 2022.

Arch Capital has successfully secured roughly $315 million of mortgage reinsurance protection through its Bellemeade Re 2022-1 Ltd. mortgage insurance-linked notes issuance and a traditional reinsurance placement that sits alongside it.

Proposals to lower the aggregate retention point of the Florida Hurricane Catastrophe Fund (FHCF) are facing opposition, as concerns are raised over the condition that a major hurricane loss event would leave the Fund in, if it exhausted earlier.

One of the themes coming out of this results season, as re/insurers announce their fourth-quarter and full-year 2021 earnings, is a growing confidence in the ability to expand margins and secure further growth, in a firming reinsurance marketplace.