Reinsurance News

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.

Global insurance and reinsurance market losses from natural catastrophes and severe weather events are now running at double the long-term average so far in 2021 and are at the highest level seen since 2017, according to analysts at investment bank Jefferies.

Following recent pre-announcements of natural catastrophe losses from the third-quarter of 2021 and with the expectation that more will be delivered, with the industry facing a relatively significant quarterly catastrophe burden, KBW’s analyst team note that they are “modestly optimistic” on property catastrophe reinsurance pricing for the 2022 renewals.

Climate change has to become the greatest priority for the disaster risk financing space, meaning it is time to “shift the disaster risk architecture”, according to CEO of parametric risk pool and insurer the African Risk Capacity (ARC) Lesley Ndlovu.

RenaissanceRe (RenRe), the Bermuda headquartered global reinsurance firm and third-party capital management specialist, has pre-announced an expectation of $725 million of net catastrophe losses for the third-quarter of 2021, a particularly significant hit for the period.