Reinsurance News

PartnerRe, the Bermuda headquartered reinsurance company that is currently EXOR owned, but subject of a sale to Covea Group, has managed to report a positive technical result across its non-life business despite significant losses from hurricane Ida and the European flooding.

Given the heavy catastrophe loss activity and the challenges this has placed on some alternative capital market players, it is too early to tell how the retrocessional reinsurance renewals may pan out, according to Munich Re CFO Christoph Jurecka.

The Insurance Task Force (ITF), an initiative working as part of His Royal Highness The Prince of Wales’ Sustainable Markets Initiative (SMI), is exploring the potential for catastrophe bonds to play a role in a resilience focused Kenyan agricultural insurance solutions to cover drought risks.

Rate increases have made the Florida homeowners property insurance market attractive again, according to primary carrier FedNat, which has now decided that losses outside the state have made its expansion plans untenable, so is reverting to only writing business in Florida again.

Global reinsurer Munich Re’s property and casualty reinsurance division fell to a technical underwriting loss on the back of significant catastrophe losses in the third-quarter, but despite the heavy burden the companies full-year targets remain in sight.

Warren Buffett’s conglomerate and re/insurance company Berkshire Hathaway has again demonstrated its significant exposure to major natural catastrophe and severe weather events, reporting $2.2 billion incurred loss hit in the third-quarter, the majority of which was from hurricane Ida.

In explaining the impact of climate change on hurricanes, risk modeller Karen Clark & Company explains that intensity of tropical cyclones has risen with a warming climate, leading it to believe hurricane losses may already be elevated by 11% due to climate change, with as much as another 19% increase possible by 2050 if warming […]

Specialty insurance and reinsurance group Chaucer, owned by leading Chinese reinsurer China Re, has partnered with parametric and data-driven insurtech MGA Yokahu to deliver parametric Caribbean hurricane insurance to at-risk communities in the region.

Acrisure Re, the reinsurance broking unit of the Acrisure group, has made another key Bermuda reinsurance and retrocession market hire, announcing the joining of Simon Arnott, a former employee of ILS fund manager Securis Investment Partners.

Interesting reinsurance related dynamics in the quarterly results announcement of AIG, as the giant insurer continues to reap the benefits of having expanded and made its reinsurance protection more robust in recent years.