Reinsurance News

Weston Insurance Company, the Florida-headquartered domestic specialty property insurer with a focus on catastrophe and in particular wind-exposed properties, has promoted Deanne Nixon as its new Chief Executive Officer, with its founder Michael Lyons set to retire.

Widespread uncertainty remains around much of the ultimate industry loss from the ongoing Covid-19 pandemic, but if the numbers reach as high as some of the early estimates, it’s likely to be for unexpected reasons, says Tom Johansmeyer, Head of PCS.

Third-party investors participating in the underwriting of specialty insurance and reinsurance player Brit Ltd. have shared in fewer major losses, while taking a greater share of income through these activities in 2020, than in the prior year.

The World Bank sees the insurance-linked securities (ILS) sector providing significant benefits for member country governments, but elements of the catastrophe bond structure could be adapted to make it an even more attractive tool for sovereign disaster risk financing.

As pressure on reinsurance rates intensifies, alternative capital seeks yield, and appetite broadens beyond the catastrophe space, the adoption of casualty insurance-linked securities (ILS) is poised to accelerate, according to MultiStrat, the specialist underwriter, and reinsurance investment facilitator.

RenaissanceRe, the Bermuda headquartered global reinsurance company, has lifted its third-party capital assets under management to a new high of $6.4 billion as of January 1st 2021.

The insurance and reinsurance industry loss from February 2020’s European windstorm Ciara, also known as Sabine and Elsa, is now estimated to be a little lower, at around EUR 1.571 billion, a decrease of roughly 3% on PERILS last report on the storm.

Ambac Financial Group, Inc. has launched a new program and fronting focused specialty insurance company named Everspan Group and targets participatory fronting and transformation for select risks, with the insurance-linked securities (ILS) market a potential reinsurance capacity partner it seems.

U.S. and global primary insurance carrier and reinsurance company Chubb has named two new reinsurance buyers for the carriers international business, under the Chubb Overseas General brand.

The next phase of the catastrophe bond market will see a shift from the structure’s use for deep capacity and as a risk management tool, to being viewed as a more permanent form of capital, according to Cory Anger, GC Securities.