Reinsurance News

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.

According to a report, insurance and reinsurance giant Aon and its acquisition target Willis Towers Watson (WTW) were both “surprised” by the US Department of Justice (DoJ) filing a lawsuit to try and block their merger.

Specialist cyber focused underwriter CFC has announced that backing for its newly launched Lloyd’s Syndicate 1988 includes an insurance-linked securities (ILS) fund, a large pension fund, and also reinsurance firms based in Bermuda, Cayman and Japan.

Severe storms rolled into Illinois in the last few hours, with tornado warnings were raised for the Chicago suburbs. At least one tornado touched down and has caused significant damage in the Woodridge suburb of the city.

Insured losses from the Magnitude 7.0 earthquake that struck off the coast of the Fukushima region of Japan on February 13th 2021 have continued to rise and at a faster pace, with the loss to the insurance and reinsurance industry now reaching above US $1.62 billion, according to data from the General Insurance Association of […]

Australian primary insurance group IAG highlighted the potential impacts of recent severe storms and flooding in parts of Victoria, saying that the loss burden is expected to take its net natural peril claims costs over budget and could trigger its stop loss reinsurance cover.

After the US Department of Justice (DOJ) decided to sue in an attempt to block Aon’s acquisition of broking rival Willis Towers Watson (WTW), analysts at KBW said that rather than abandoning the merger, Aon is more likely to offer additional divestitures.

There isn’t any direct participation from insurance-linked securities (ILS) funds or investors in the £650 million reinsurance or retrocession protection Lloyd’s has purchased to cover its Central Fund, despite nearly 70% of it being collateralised.

Arch Capital Group, the Bermuda headquartered specialty insurance and reinsurance company, said today that its mortgage insurer arm, Arch Mortgage Insurance Company (Arch MI), has secured $616 million of reinsurance across its latest $523 million Bellemeade Re 2021-2 Ltd. mortgage ILS deal and a direct placement of another $93 million of cover.

US primary insurance carrier Allstate has reported $213 million of estimated pre-tax catastrophe losses for the month of May 2021, which takes the insurers second-quarter total to $757 million before tax.