Reinsurance News

Florida headquartered, expansive catastrophe exposed primary property insurer United Insurance Holdings (UPC Insurance),has entered into a $120 million quota share reinsurance arrangement as part of the deal to sell some of its northeast U.S. business to HCI Group.

This week, the World Bank Group announced its new Climate Change Action Plan, featuring a range of commitments to ramp up and deliver record levels of climate finance, while catastrophe bonds, disaster risk financing and insurance against climate risk are also mentioned as key elements of the plan.

The industry loss to insurance and reinsurance markets from March’s severe flooding that affected New South Wales and Queensland, Australia has now been revised down by just over 13% to A$916 million (around US $700m) by PERILS.

Everest Re is aiming to expand its access to third-party and alternative sources of reinsurance capital, with growth of its Mt. Logan Re sidecar-like structure seen as a key strategic opportunity, according to its CEO.

Global reinsurance firm Swiss Re has released UK £437 million of capital by selling a chunk of its shareholding in the largest European pension and life consolidator Phoenix Group Holdings.

Global reinsurance broker Lockton Re, part of the independent Lockton broking group, has announced the hiring of retrocession specialist broker Jeremy England Lee from rival Aon.

Global Parametrics has designed and structured a new parametric hurricane insurance product that is now being sold in the Caribbean country of Dominica and is backed by the capital from the firms Natural Disaster Fund (NDF).

In securing its latest Bellemeade Re mortgage insurance-linked securities (ILS) transaction, sponsor Arch Capital Group also benefited from $93.21 million of traditional mortgage reinsurance placed alongside the capital markets deal, with the support of broker Gallagher Re.

Langhorne Re, the joint-venture, third-party capital backed life and annuity reinsurance firm launched by Reinsurance Group of America (RGA) in partnership with RenaissanceRe (RenRe), has promoted its Chief Operating Officer and General Counsel  Andrew Markus to become Chief Executive Officer (CEO), Bermuda.

Swiss Re has warned that insurance and reinsurance firms will face increased indemnity costs after land-falling hurricanes in the United States this year, as inflationary factors are set to drive claims amounts higher.