Reinsurance News

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.

The insurance and reinsurance market loss from the so-called Halloween hailstorm event in October 2020 that struck south-east Queensland, Australia has been lifted slightly to A$1.222 billion by PERILS AG.

Investors in Swiss Re’s collateralised reinsurance sidecars were likely relieved when they saw the reinsurers loss picks for hurricane Ida and other recent catastrophe events, according to CFO John Dacey.

According to CEO John Neal, Lloyd’s is on the verge of securing the backing of insurance-linked securities (ILS) capital for three of its syndicates, which we understand are the first transactions to utilise its London Bridge Risk PCC special purpose structure.

The global reinsurance sector outlook remains negative, according to S&P Global Ratings, as returns for the sector still fall short and the industry continues to battle against its commoditization, in particular from non-traditional capital.