Reinsurance News

Jim Fiore, previously QBE Insurance’s Chief Reinsurance Officer, has joined insurance and reinsurance broker Aon as Chief Strategy Officer, Capital Advisory.

Core Specialty Insurance Holdings, Inc. has created a new Fronting Division, and hired Scott Snyder from Ambac Financial Group to lead the new specialty business unit as President of Fronted Programs.

As many Lloyd’s and London market insurers retreat from the catastrophe space, amid elevated losses and the uncertain but increasing impacts of climate change, some underwriters could look to alternative reinsurance capital sources to help maintain their cat portfolios.

The flooding in Southeast Queensland and New South Wales has now resulted in 96,844 claims, which based on previous flood events is an estimated insurance industry cost of $1.45 billion, according to the Insurance Council of Australia (ICA).

According to recent data from the Bermuda Monetary Authority (BMA), use of insurance-linked securities (ILS) such as catastrophe bonds shrank among Bermuda-based insurance and reinsurance firms between 2019 and 2020, but other often collateralized structures such as ILW’s and quota shares increased in prevalence.

As conversations around cybersecurity and risk management increasingly occur at the board level, insurance-linked securities (ILS) investors and reinsurers should be excited, but must tread quickly and wisely, according to Thomas Nuth, Vice President of Marketing at DeNexus.

Investors in the Markel CATCo retrocessional reinsurance investment funds have voted overwhelmingly in favour of the proposed and updated buyout terms, putting the process on course for a resolution and completion by the end of the month.

Bermuda-based Arch Capital Group, Ltd. has announced that its international insurance operation has promoted Krista Bonneau to Chief Reinsurance and Exposure Officer, based in London and reporting to Hugh Sturgess.

Chubb, the global primary insurance carrier and reinsurance company, once again shows the growing importance of strategically important total-return and third-party capitalised reinsurance joint-venture ABR Re, as the amount of premiums it ceded to the vehicle rose, alongside the fee income it earned back and the valuation of its stake in the vehicle.

Insurers have now received 86,703 claims related to the Southeast Queensland and New South Wales flooding, resulting in an insurance and reinsurance industry loss of an estimated $1.3 billion, according to the Insurance Council of Australia (ICA).