Reinsurance News

Rating agency Moody’s Investors Service has revised its outlook for the global reinsurance industry from negative to stable, saying that price increases are set to drive stronger earnings for the sector going forwards.

Catastrophe risk modeller RMS has provided the clearest view of the escalation in industry loss estimates for recent hurricane Ida, pegging the total onshore and offshore losses for the Gulf region at between $25 billion and $35 billion.

The CCRIF SPC (formerly known as the Caribbean Catastrophic Risk Insurance Facility), has made a US $2.4 million payout to Trinidad & Tobago after the Caribbean nations parametric excess rainfall insurance policy was triggered recently.

For Randall & Quilter (R&Q) Investment Holdings, the launch of its first collateralised reinsurance sidecar vehicle today is not about changing the “recipe book”, meaning the firm’s core area of focus in the legacy space remains, according to William Spiegel, Executive Chairman of R&Q.

There’s likely to be some uncertainty  in the secondary market pricing of the outstanding FloodSmart Re catastrophe bonds that provide reinsurance from the capital markets to FEMA’s National Flood Insurance Program (NFIP), after the remnants of hurricane Ida flooded north eastern US states, ILS investment manager Plenum has said.

Estimates for insurance and reinsurance market losses from recent hurricane Ida are rising with the inclusion of damages from the storms remnants that occurred further north, according to analysts at Goldman Sachs.

Global reinsurance company Swiss Re expects that property and casualty (P&C) insurance premiums will grow considerably over the next two decades, with a near doubling expected. Climate risk will be a major driver of this, resulting in a significant boost to new property P&C premiums written, but also to expected insured natural catastrophe losses.

Randall & Quilter (R&Q) Investment Holdings, the specialist non-life insurance and reinsurance legacy investor and program manager, has announced the formation and launch of a legacy insurance focused collateralised reinsurance sidecar named Gibson Re, which is being capitalised to the tune of roughly $300 million by investors.

For insurance-linked securities (ILS) investments that carry potential exposure to losses related to the COVID-19 pandemic, clarity over the loss position is set to take time, according to Luca Albertini, Leadenhall Capital Partners Chief Executive Officer (CEO).

QBE Re, the global reinsurance underwriting division of Australian insurer QBE, has announced two key hires to its Bermuda platform, both coming from SiriusPoint.