Reinsurance News

BMS Re, the reinsurance arm of broking group BMS, has announced the launch of its first official Bermuda office and the hiring of former Alterra executive Adam Mullan to lead the office.

The Chinese government via its regulator has urged its insurance and reinsurance industry to focus on developing new products for disaster risk transfer and to help in covering more of the natural catastrophe risk in the country, given the current evident protection gap that exists.

AXA Group reported higher revenues across its business, driven by improving pricing and market conditions, with its AXA XL business on-track for its targeted earnings for the year, but also gave an early estimate of exposure to recent European flooding.

Descartes Underwriting, the insurance technology (insurtech) focused managing general agency (MGA) that specialises in parametric and data-driven risk transfer products, is expanding into Asia Pacific with two new offices opening in Singapore and Sydney, Australia.

In June we wrote about the launch of a project to develop an innovative parametric insurance program to protect the Mesoamerican Reef system and the communities that rely on it against impacts from hurricanes.

MGIC Investment Corporation has returned to the capital markets in search of more collateralized reinsurance with its second mortgage insurance-linked securities (ILS) deal of the year, as it sponsors a roughly $398 million Home Re 2021-2 Ltd. issuance.

Arthur J. Gallagher (Gallagher) will continue to pursue its strategy of adding incremental acquisition opportunities as a way to grow its business, despite the Aon – Willis Towers Watson (WTW) deal collapse which has removed a potentially transformational deal opportunity from Gallagher’s reach.

Loss costs on Florida property insurance business continue to be impacted by social inflation, according to the CEO of Universal Insurance Holdings, but this hasn’t put the carrier off writing more business in the state, with its Florida book expanding in Q2.

Insurance and reinsurance broker Aon reported particularly strong growth for Q2, with 9% organic revenue growth in reinsurance overall, but double-digit growth in capital market transactions such as catastrophe bonds and insurance-linked securities (ILS).

The recent severe flooding in China’s Henan province is expected to result in the largest catastrophe insured losses in history for the country, clearly demonstrating the need for more reinsurance protection, as well as faster roll-out of primary covers.