Reinsurance News

Reinsurance brokerage Guy Carpenter has named a new Chief Executive Officer, promoting Dean Klisura to the role, as incumbent Peter Hearn shifts over to focus on his role as Vice Chair of Marsh McLennan.

Global reinsurance company Swiss Re has increased its forecasts for global insurance premium growth, seeing an acceleration and now forecasting the market will surpass $7 trillion in global premiums by mid-2022.

Reinsurance giant Munich Re finds that generally writing catastrophe reinsurance business does earn its cost-of-capital for the company, but still the company is set to push for more rate at the upcoming January renewal season, according to its CFO.

Descartes Underwriting, the insurance technology (insurtech) focused managing general agency (MGA) that specialises in parametric and data-driven risk transfer products, has announced a new partnership that aims to revolutionise the way parametric earthquake risks are transferred.

Analysts from Peel Hunt warn that with reinsurance market appetite for certain property catastrophe risks uncertain, some re/insurers may find themselves retaining more secondary peril exposure and it’s “not obvious that third-party capital will rush in to fill the gap.”

Louisiana Citizens Property Insurance Corporation has reported an estimated loss from hurricane Ida of around $461 million, but thanks to its low retention on its reinsurance tower and its catastrophe bonds, the residual market insurer will only retain $35 million.

Goldman Sachs has made a new hire within its investment banking Insurance Structured Finance team, adding Tony Nguyen, an experienced insurance-linked securities (ILS) structurer who most recently worked at Swiss Re.

At reinsurance renewals in 2022, there is expected to be a an overarching focus on achieving more sustainable pricing levels. But there will also be different challenges faced and outcomes achieved, depending on where in the reinsurance risk tower underwriters are focused, according to TigerRisk’s Head of North America, Wade Gulbransen.

For the second quarter running, broker Marsh has said that secondary catastrophe perils have remained a focus, with commercial properties exposed to those risks seeing some steep rate increases.

Markel Corporation has decided to wind down its retrocessional reinsurance focused insurance-linked securities (ILS) fund manager, Lodgepine Capital Management, citing retro market headwinds and a challenging fundraising environment.