Reinsurance News

We understand that the World Bank has been put on notice as the Philippines government hopes to trigger the $500 million catastrophe contingent line-of-credit it can receive through its Catastrophe-Deferred Drawdown Option arrangement, dubbed the CAT-DDO 4.

Insurance technology (insurtech) start-up Stere has announced a $2 million capital raise to help it better connect providers of insurance and reinsurance capacity with managing general agents, program administrators, and embedded insurance platforms.

Vesttoo, the insurtech that uses proprietary artificial intelligence and machine learning to help companies assess and transfer risks to the capital markets, has added experienced growth equity specialist investment professional and former Goldman Sachs executive Raluca Ragab to its advisory board.

Direct proportional sidecar and quota share reinsurance or retrocession arrangements are helping that segment of the insurance-linked securities (ILS) market to expand after a few years of challenges, reinsurance broker Guy Carpenter has reported.

Broking group Willis Towers Watson (WTW) and global reinsurance company Munich Re have executed a world-first in creating a “catastrophe wrapper” around a sovereign debt transaction.

Global reinsurance giant Munich Re is close to completing a renewal of its Eden Re II Ltd. fully collateralised reinsurance sidecar vehicle for 2022, with a $42.1 million tranche of Series 2022-1 Class A notes the first to come to light.

Former CATCo CEO Tony Belisle is back in court after another investor vehicle filed a fraud lawsuit in Florida alleging that he misrepresented the risks of an investment in the Markel CATCo retrocessional reinsurance investment strategy.

United Insurance Holdings (UPC Insurance) continues to exit homeowners insurance in certain states and accelerate its shift towards commercial property insurance business, with the latest move being to transfer personal lines business in the three Southeast states of Georgia, North Carolina and South Carolina to HCI Group.

After November 2021, full-year catastrophe and severe weather losses were estimated to be running around 48% ahead of the long-term 2008 to 2020 average, according to analysts at investment bank Jefferies.

After the deadly impacts of the tornado outbreak just about a week ago, the United States has been hit by another historic weather event in recent days, as an “explosive cyclogenesis event” struck the Upper Midwest, which adds to ramifications for the reinsurance renewals.