Reinsurance News

Australian primary insurance giant IAG has reported that recent severe storms and hail in Australia in October are set to drive a reinsurance recovery for the company, as its net loss hit the retention on its catastrophe reinsurance program.

Hiscox Re & ILS, the international reinsurance and insurance-linked securities (ILS) arm of the Hiscox Group, is expecting an improved rate environment at the key January 2022 renewal seasons, which could lead to further net growth as it takes advantage of the best rates in years in some areas of its business.

On Monday November 1st 2021 at the United Nations (UN) Framework Convention on Climate Change Conference of the Parties (COP26) in Glasgow, United Kingdom, it became clear that this is a moment in time where the insurance, reinsurance and insurance-linked securities (ILS) industries have an opportunity to display climate leadership.

Investors in the Markel CATCo Investment Management retrocessional reinsurance investment funds now stand to receive as much as 18.5% more in capital return, on the back of the updated and improved buyout terms.

McKenzie Intelligence Services (MIS), a geospatial information, insurance and reinsurance intelligence provider, is to be the sole trigger data provider for parametric insurer Yokahu when it launches a string of hurricane and tropical cyclone parametric insurance products.

The insurance and reinsurance industry has a problem with peak zones and emerging risks, according to AIG President and CEO  Peter Zaffino, who believes that more capacity is required to make underwriting in peak catastrophe zones sustainable and for covering emerging exposures, from climate to cyber risks.

The United Kingdom has become the first G20 country to make climate disclosure mandatory for its largest companies, with Task Force on Climate-Related Financial Disclosures (TCFD) aligned reporting set to be required of over 1,300 of the largest UK-registered companies and financial institutions by April 2022.

Radian Group is back in the capital markets in search of more collateralized mortgage reinsurance for its Radian Guaranty subsidiary, with a $484 million target for an Eagle Re 2021-2 Ltd. issuance of mortgage insurance-linked securities (ILS).

The Ardonagh Group has now completed its acquisition of the insurance and reinsurance broking operations of BGC Partners, adding significant growth to its broking operations and building on its ambitions to deliver capital solutions for insurance and reinsurance clients.

Descartes Underwriting, the insurance technology (insurtech) focused managing general agency (MGA) that specialises in parametric and data-driven risk transfer products, has opened its first office in London as it targets regional growth and improved access to international risks in the London market.