Reinsurance News

The Hanover Insurance Group, Inc.’s geographic footprint was impacted by 18 industry catastrophe events in July and August, leading the property and casualty insurer to pre-announce third quarter catastrophe losses in the range of $150 million to $165 million, pre-tax ($119m-$130m after-tax).

When the market is turning and reinsurance rates move in one direction, or another, it tends to be insurance-linked securities (ILS) investors that move first and fastest, according to Cory Anger, Managing Director at GC Securities.

While there have been challenges for ILS investors over recent years related to losses from so-called secondary perils and to aggregate structures, the market is expected to continue attracting capital, even to these more recently loss-affected areas, according to Tim Ronda of Aon’s Reinsurance Solutions.

Information from sources suggests that some primary insurance carriers are likely to recover significant amounts from their reinsurance arrangements after hurricane Ida, while a number of insurers are likely to exhaust their reinsurance towers completely, and some catastrophe bonds remain exposed.

Tremor Technologies, the insurtech with a technology-based programmatic insurance and reinsurance risk transfer marketplace, said today that it now counts 33 Lloyd’s of London syndicates among the risk capacity providers signed up to its platform.

Specialist catastrophe bond, insurance-linked securities (ILS) and reinsurance investment manager Twelve Capital has announced two new hires that bring sustainable and climate investing expertise to the company.

Acrisure Re, the reinsurance broking unit of the Acrisure group, has announced a key hire of relevance to the insurance-linked securities (ILS) market, appointing former BTG Pactual partner, Nick Godfrey, as its first Head of Capital Markets.

Arch Capital Group, the Bermuda headquartered specialty insurance and reinsurance company,has returned to the capital markets and insurance-linked securities (ILS) in search of more mortgage reinsurance protection, launching its third mortgage ILS deal of the year, a $511.5 million Bellemeade Re 2021-3 Ltd. transaction.

The insurance and reinsurance market loss from recent hurricane Nicholas is estimated to be around US $950 million, according to modelling analysis undertaken by catastrophe risk specialist Karen Clark & Company.

American International Group, Inc. (AIG) has announced that Chris Schaper, its Chief Executive Officer of reinsurance units AIG Re and Validus Re, is set to also take on CEO responsibilities for its insurance-linked securities (ILS) unit AlphaCat Managers.