Reinsurance News

Ariel Re, the Bermuda-headquartered international reinsurance company, has hired Apryle Oswald to the newly created role of Chief Analytics Officer.

Deployable (or not trapped and available to put to work) capital in the insurance-linked securities (ILS) sector is estimated to have fallen to around $70 billion to $75 billion, according to analysts at KBW.

The Ardonagh Group, a UK headquartered independent insurance broking, underwriting, servicing and management company and the owner of reinsurance broker Inver Re, has secured a major investment that values the firm at $7.5 billion.

Preliminary data from CoreLogic shows that properties with a reconstruction value of almost $3.7 billion were exposed to the tornado outbreak at the weekend, with $2.9 billion in Kentucky alone.

Dutch headquartered life, pensions and annuities focused insurer Aegon has secured longevity reinsurance to cover a €7 billion of pensions from Reinsurance Group of America (RGA).

Tremor Technologies, the insurtech with a technology-based programmatic insurance and reinsurance risk transfer marketplace, has experienced particularly strong growth in 2021, expanding the amount of risk transferred through its marketplace with $175 million of premium transacted this year.

The recent outbreak of deadly tornadoes and damaging severe convective storms in the United States has been estimated as a roughly $3 billion insurance industry loss, by risk modeller Karen Clark & Company.

Insurance industry losses from natural catastrophe events are preliminarily estimated to reach $105 billion in 2021, according to global reinsurance firm Swiss Re.

Capacity to support aggregate retrocessional reinsurance renewals at 1/1 is “extremely scarce” according to analysts at KBW, who after a second day of meetings with Bermudian companies concluded that significant rate increases are going to be required for this segment of the market.

Broking powerhouse Aon has warned that the industry faces a multi-billion loss from the US tornadoes that struck at the weekend, but notes that at this stage it only anticipates a “limited portion” of the losses being ceded to reinsurance.