Reinsurance News

Reinsurance renewal rates need to increase in 2022 as a higher frequency of losses from secondary perils recently are set to drive billions of costs through the industry, Swiss Re’s CEO of Reinsurance Moses Ojeisekhoba suggested today.

Palomar Insurance Holdings, the speciality California-headquartered insurer that provides largely catastrophe exposed property products, is the latest carrier to want to offer its paper to risk capital, reinsurance and underwriting teams, with the launch of an insurance fronting business named PLMR-FRONT.

Global reinsurance company Swiss Re forecasted that global premium growth is going to continue, as the need for insurance continues to grow, alongside heightened risk awareness, while client needs evolve at the same time.

The Lloyd’s of London insurance and reinsurance market suffered a loss of around US $1.1 billion because of winter storm Uri and the Texas freezing weather event in March, but this wasn’t sufficient to dent a set of results that continue to show some improvement in performance.

Data and analytics company CoreLogic has provided an insurance market loss estimate for the flooding caused by hurricane Ida’s remnants in the northeastern states of the US, saying it will range from $5 billion to as much as $8 billion.

The Abu Dhabi Investment Authority (ADIA), a sovereign wealth investment fund owned by the Emirate of Abu Dhabi and tasked with investing funds on behalf of the Government of the Emirate, expanded its insurance-linked securities (ILS) allocations last year, as it put an increasing emphasis on asset classes that offer relatively uncorrelated returns.

Reinsurance cedants and protection buyers are increasingly open to using alternative sources of reinsurance capital within their programs, a new survey from rating agency Moody’s has found.

Tremor Technologies, the insurtech with a technology-based programmatic insurance and reinsurance risk transfer marketplace, announced today that it can now provide re/insurers with optimised access directly to more than 95% of global reinsurance market capital, from across traditional and alternative or ILS fund sources.

Insurance Partners Europe, a Paris-based boutique risk advisory focused on insurance and reinsurance consulting and brokerage, is expanding to offer services to the insurance-linked securities (ILS) space, making a key hire in Pierre Mouilhade, a former ILS portfolio manager at SCOR Investment Partners.

SCOR, the French headquartered global reinsurance company, has launched a new collateralized reinsurance sidecar vehicle in recent months, with a $100 million, single-investor sidecar that incepted in April 2021, the company revealed today.