Reinsurance News

Clear signals on the price adequacy of property catastrophe risks, under the shadow of rising climate exposures, continue to come to light, with the latest being the final letter from Alleghany CEO Weston Hicks to his shareholders.

Yesterday, a judge in the United States Bankruptcy Court for the Southern District of New York granted Markel CATCo’s petition for Chapter 15 bankruptcy recognition and relief for the proposed buyout process for the final winding down of the CATCo retrocessional reinsurance funds.

Lockton Re’s non-Marine retrocession and property specialty reinsurance broking division has expanded in recent days with the joining of former CATCo CUO Simon Moore and Aon broker James Boon.

Assets under management at American International Group’s (AIG) insurance-linked securities and collateralized reinsurance dedicated ILS investment manager entity, AlphaCat Managers, have fallen to $3.5 billion by the end of the third-quarter, with some effects from the quarters catastrophes clear in its reporting.

AXA XL, the commercial insurance and reinsurance operation of the global AXA Group, is expected to take a hit of roughly EUR 400 million from hurricane Ida, net of reinsurance recoveries and before tax.

Australian insurer Suncorp gave an initial estimate of its losses from recent severe storms and hail in Australia in October, saying that the upper-end of its estimate is at the point its main catastrophe reinsurance program would kick-in.

Paul Gregory, the Group Chief Underwriting Officer of specialty insurance and reinsurance group Lancashire Holdings, is stepping in to become interim CEO of the firms Lancashire Capital Management unit, as Darren Redhead will depart the firm in 2022.

U.S. primary insurer and global re/insurer Liberty Mutual reported elevated catastrophe losses for the third-quarter of 2021, revealing a net $812 million hit from hurricane Ida.

Pension Insurance Corporation plc (PIC) has explained that it won’t accept the updated and improved buyout terms proposed to investors in the Markel CATCo Investment Management retrocessional reinsurance investment funds, calling the proposal “fundamentally flawed”.

One of the clearest examples of a regulators’ intention to force action on climate-related financial risks and ensure entities have the capital resources to absorb their potential future losses from them, came from Bank of England Governor Andrew Bailey yesterday.