Reinsurance News

Insurance and reinsurance brokerage BMS has announced an expansion of its capital solutions capability, with two key hires announced as the company doubles-down on providing capital agnostic risk financing and transfer solutions.

Youi is the latest insurer in Australia to reveal that its aggregate reinsurance protection will cover its losses from the severe flooding that struck the country in recent weeks, while the latest industry loss estimate for the flood event has now reached AU $2.22 billion.

Yesterday’s significant earthquake in Japan is likely to increase an already relatively heavy first-quarter of catastrophe and other large losses for the global insurance and reinsurance industry, according to analysts at Bank of America, while Plenum Investments said no impact to the catastrophe bond market is expected.

The proposed buy-out schemes for the Markel CATCo retrocessional reinsurance investment funds have now received formal support from the US bankruptcy courts and Markel said yesterday that two lawsuits filed against former Markel CATCo CEO Tony Belisle will now be dismissed with prejudice, as the buy-out offer moves towards its close.

The Demex Group, a climate risk focused insurtech that aims to deliver climate-resilience through financial risk solutions on a global scale, has launched a new climate appraisal service that is designed to provide an assessment of climate-driven risk and provides an input to help companies hedge their climate exposure.

The insurance-linked securities (ILS) market and its capital base continues to be a disruptive force across insurance and reinsurance, with robust impacts and also benefits to the wider industry, according to executives from Truist Securities.

Insurance, reinsurance and insurance-linked securities (ILS) markets hoping that some of Florida’s legislative actions targeted at reforming the challenged property insurance market might pass this year, look set to be disappointed again.

A magnitude 7.3 earthquake struck off the eastern coast of Japan near the Fukushima prefecture in the last hour, with authorities raising a tsunami advisory for possible waves of up to 1 metre and buildings swayed in the capital Tokyo.

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.