Reinsurance News

Catastrophe reinsurance underwriting business is still “value creating” for global reinsurer Swiss Re, but the company has been sending “strong signals” to the market through its pricing of late, according to CFO John Dacey.

Brit Ltd., the specialty insurance and reinsurance player with a third-party capital management operation under its Sussex Capital entity, is now close to seeing its aggregate reinsurance protection triggered after the major third-quarter catastrophes.

Reinsurance broker Gallagher Re has announced the hire of a dedicated cyber insurance-linked securities (ILS) resource, adding Theo Norris from Aon Securities as a resource to help bring new capacity to the cyber market.

United Insurance Holdings (UPC Insurance), the Florida headquartered but regionally expansive insurer of catastrophe exposed property, benefited significantly from changes made to its reinsurance program at the last renewals, as a larger proportion of its catastrophe losses was ceded to its reinsurers in Q3 2021.

Markel CATCo Investment Management acknowledged the delay to the buyout process for its retrocessional reinsurance investment funds this morning, but said that any challenges from investors would be vigorously defended against.

Insurance and reinsurance broker Aon estimates that as of early fourth-quarter 2021, global insured losses from natural disasters and severe weather are running around 13% above the annual decadal average, having reached roughly $107 billion.

Global reinsurance firm Hannover Re is underscoring its position as a pure-play reinsurer by selling its stake in joint venture HDI Global Specialty SE and targeting further growth.

Global insurance and reinsurance giant Zurich has exhausted its aggregate catastrophe reinsurance protection during the third-quarter, as significant losses from hurricane Ida and the European floods took their toll.

Activity surrounding the buyout terms proposed to investors in the Markel CATCo Investment Management retrocessional reinsurance investment funds looks set to drag on, after a court appearance in Bermuda ended with Markel agreeing to provide additional information to creditors, we understand.

Allianz intends to make some tweaks to its catastrophe reinsurance arrangements at the renewals, although overall its reinsurance arrangements are expected to remain fundamentally unchanged and changes are expected to be to the aggregate coverage, the insurers CFO Giulio Terzariol said yesterday.