Reinsurance News

McGill and Partners, the boutique risk solutions and broking firm launched by former Aon President Steve McGill, has announced the launch of a Bermuda office and the hire of Aspen’s Kate Vacher as its CEO on the island.

The severe floods across Europe in July 2021 are estimated to have caused an insurance and reinsurance industry loss of US $11 billion, according to organisation Cresta, while convective storms in June added another US $5.1 billion to the summer loss tally for the continent.

TigerRisk Partners LLC, the global risk, capital and reinsurance brokerage and advisory, has announced a new senior hire, taking Tim Ronda from Aon’s Reinsurance Solutions division.

Wildfires burning in California in the current season have now either damaged or completely destroyed more than 3,500 structures, according to the latest data from Cal Fire.

United States governmental authorities have concluded their investigations into retrocessional reinsurance investment manager Markel CATCo this week, with no action set to be taken.

ILS fund managers and reinsurance companies both need to demonstrate they can deliver the returns their investors are expecting, as it is clear that in 2021 “capital is not coming in at any cost,” according to Luca Albertini, CEO of London-headquartered Leadenhall Capital Partners LLP, a subsidiary of MS Amlin.

The development of a robust cyber retrocessional reinsurance market and the use of insurance-linked securities (ILS) or alternative capital, would help the cyber insurance market with its capital management and make much-needed capacity available, according to S&P Global Ratings.

The steady growth of Stone Ridge Asset Management’s more catastrophe bond focused mutual insurance-linked securities (ILS) fund has continued in the last quarter of record, while at the same time the investment manager’s interval ILS fund strategy shrank further as it realised more losses and return of capital.

Climate change has returned to the top of a global ranking of perceived risks, according to risk management experts and public opinion, but in some regions of the world the pandemic remains the major concern, according to insurance and reinsurance company AXA in a new report.

Arch Capital Group, the Bermuda headquartered specialty insurance and reinsurance company, eventually secured close to $508 million of mortgage reinsurance through its latest Bellemeade Re 2021-3 Ltd. mortgage ILS transaction, but added another $131.5 million of reinsurance from the traditional market at the same time.