Reinsurance News

Tremor Technologies, the insurtech offering a technology-based programmatic insurance and reinsurance risk transfer marketplace, has announced a senior addition to its Board, with the former PartnerRe CEO Emmanuel Clarke joining.

Mike Sapnar, the former CEO of global reinsurance firm TransRe has now surfaced as Global Head of Insurance Solutions for the Stone Ridge owned NYDIG, tasked with leading the firms creation of bitcoin-powered products and services for the global re/insurance industry.

While widespread subrogation related to winter storm claims payments against Texas energy organisation the Electric Reliability Council of Texas, Inc. (ERCOT) hasn’t emerged and in some quarters is thought unlikely, one insurer is seeking to hold ERCOT accountable for some of its costs from the freeze event in the State.

Another forecaster we track has issued an early forecast for the 2021 Atlantic hurricane season, with WeatherBELL Analytics saying it anticipates another “very active season”, but with impacts potentially being seen further to the east and a warning about storms developing and intensifying closer into the US mainland.

Radian Guaranty, the US mortgage insurer entity of the Radian Group, has returned to the capital markets in search of collateralised reinsurance with what could be its largest mortgage insurance-linked securities (ILS) issuance since the pandemic outbreak, as it looks to sponsor a nearly $498 million Eagle Re 2021-1 Ltd. transaction.

The General Insurance Association of Japan (GIAJ) has said that insurance market losses from the July 2020 heavy rainfall event and related flooding in Kyushu, plus typhoon Haishen in September of last year have now risen by 9%.

Losses and IBNR reserves related to the COVID-19 coronavirus pandemic reported by major insurance and reinsurance companies have risen significantly during the first-quarter of 2021, with the total pandemic loss reported now nearing $38 billion, having risen by 21% during reporting for the final-quarter results of 2020.

In reinsurance, the impacts of unmodelled losses constitute a form of basis risk and after the last few years this has to begin getting priced in, according to Conduit Holdings Executive Chairman Neil Eckert.

The Atlantic hurricane season is forecast to be another busy one in 2021, with more than 16 named tropical storms expected, at least 7 of which are forecast to become hurricanes and at least 3 major hurricanes, according to forecaster Accuweather.

Florida is set to experience some of the steepest increases in rates and pricing of flood insurance coverage under the National Flood Insurance Program (NFIP) after the release of FEMA’s new Risk Rating 2.0 system comes into effect over the next year.