Reinsurance News

This morning global reinsurer Munich Re said that “prolonged” market hardening is expected in reinsurance, with rate rises forecast for the January 2022 renewals and European contracts seen as particularly important, as major losses and inflation indicate more pricing discipline.

For the second year running, Hannover Re’s German subsidiary E+S Rückversicherung AG has forecast rising reinsurance prices at the renewals, but this year it’s down to the significant catastrophe losses suffered.

Florida’s homeowners insurance market is experiencing “unsutainable” conditions and the consistency of loss across the marketplace is seen as “staggering”, according to the CEO of Florida’s Citizens Property Insurance Corporation Barry Gilway.

Aspen Insurance Holdings Limited, the Bermuda headquartered insurance and reinsurance underwriter, has announced the hiring of Chris Coleman from SiriusPoint as its new Group Chief Executive Officer (CFO), a move that brings additional capital markets expertise to the company’s senior bench.

Swiss Re Corporate Solutions, the commercial risk focused arm of the global reinsurance firm, has partnered with a provider of compact internet-connected seismographs in Japan, enabling it to use more responsive, in-situ, parametric trigger data sources.

The CATCo Reinsurance Opportunities Fund Ltd., the listed, retrocession focused insurance-linked securities (ILS) fund strategy managed by Markel CATCo Investment Management, has again seen its net asset value (NAV) rise after another reduction in catastrophe loss reserves, this time from the 2018 California wildfires.

AXIS Capital, the Bermuda-based globally-active insurance and reinsurance company, has joined the catastrophe loss pre-announcements, saying that it expects a net and before tax hit of $250 million to its third-quarter results, the majority coming from hurricane Ida.

Pension Insurance Corporation plc (PIC) announced just now that it intends to try and put together an investor group to challenge retrocessional reinsurance investment manager Markel CATCo’s proposed buyout scheme, saying that it believes it will “drastically undervalue the interests of investors.”

Reinsurance capacity and reinsurance pricing have to rise further in order to cover the growing risks posed by climate change, climate-related risks and so-called secondary peril catastrophe events, Swiss Re’s Frank Reichelt explained today.

Global insurance and reinsurance firm Everest Re, which also operates a third-party capital strategy in the Mt. Logan Re collateralized reinsurance sidecar-like vehicle, has pre-announced an expectation of its third-quarter catastrophe losses amounting to $635 million net.