Reinsurance News

U.S. specialty insurance group Assurant has lifted the top of its reinsurance tower higher for both US and Florida events, with now $1.2 billion of Florida specific coverage and $965 million covering other US events.

A new report on wildfire resilience insurance suggests that in order to help make wildfire insurance more accessible and affordable, a combined ecological forestry approach alongside parametric risk transfer could reduce wildfire losses for the insurance and reinsurance sector.

Insurance and reinsurance broking giants Aon and Willis Towers Watson (WTW) have now been granted an earlier date for the antitrust trial against the United States Department of Justice, which has objected to the proposed merger, with a November 18th start now proposed, but seemingly with no guarantees it doesn’t slip.

Reinsurance broker Guy Carpenter is teaming up with other global Marsh McLennan businesses for a joined-up approach on delivering a holistic range of climate risk focused services and advisory, part of which is risk transfer related and includes catastrophe bonds.

As hurricane Elsa moved across the eastern Caribbean one of the island nations it came close to was St Lucia, which it’s reported has experienced wind gusts to 79 mph and sustained 46 mph tropical storm force winds.

United Insurance Holdings (UPC Insurance), the Florida headquartered insurer, has revealed a bigger than perhaps anticipated second-quarter 2021 catastrophe loss burden, reflecting the costs of storms during the period.

The market for industry-loss warranty (ILW) protection continued to soften into the July renewal, broker Willis Re has explained, which appears to be a continuation of the trend seen pre-June, as these structures followed the catastrophe bond market’s pricing.

The Pension Fund of Credit Suisse Group reported that it is restructuring CHF 357.1 million of insurance-linked securities (ILS) investments and revealed an exposure to the running-off of rated reinsurance company Humboldt Re.

Australian primary insurance giant IAG has renewed its aggregate catastrophe reinsurance layer for its fiscal year 2022, which began July 1st, resulting in a maximum catastrophe event retention of $169 million.

Insured property losses in the United States hit over $68 billion in 2020, as 19 catastrophe events of more than $1 billion in claims each hit the country during the year, according to data from Verisk’s Xactware and PCS units.