Reinsurance News

US primary insurer Allstate has revealed a significant approximately $1.3 billion gross loss from the winter storms and severe winter freeze, primarily impacting Texas, which it warns mean its aggregate reinsurance will trigger, which is provided by its Sanders Re catastrophe bonds.

Insurance-linked securities (ILS) fund manager Integral ILS Ltd. has now formally launched its property insurance partnership with risk origination and distribution specialist Amwins, and has announced that Core Specialty is set to act as the policy issuer.

Market conditions and capital raising around the key January reinsurance renewals provided clear proof that investor interest in the insurance-linked securities (ILS) asset class remains real, according to Mathieu Halm, Head of Retrocession and Strategy at CCR Re.

RenaissanceRe, the Bermuda headquartered reinsurer and third-party reinsurance capital manager, is said to have a cautious stance on rate prospects for the upcoming Japanese renewals at April 1st, but a more optimistic outlook for the Florida and mid-year renewals.

The North African country of Tunisia is to get World Bank support and funding to help it develop its catastrophe insurance market and cover people and assets against the impacts of disasters and climate-related events.

The Progressive Corporation has revealed that its losses from the recent winter storms in the United States drove a $40 million reinsurance recovery for the firm, after claims exceeded its occurrence retention.

RenaissanceRe Capital Partners, the newly rebranded home of third-party capital management and insurance-linked securities (ILS) at Bermuda reinsurance firm RenaissanceRe (RenRe) has hired Roger Beach from Aon, as a Senior Analyst focused on investor relations and operational due diligence.

Global Parametrics and specialist flood risk modeller Fathom have partnered to develop a global parametric flood index that can be used in triggers of risk transfer, insurance and reinsurance arrangements.

German reinsurance giant Munich Re said that it is expecting its losses from the recent US winter storm and extreme freezing weather event to be in the mid hundreds of millions of Euros.

Insurance and reinsurance industry catastrophe claims are likely running around 34% above the 10-year average for the year-to-date thanks to the significant contribution from US winter storms and freezing weather, according to analysts at Jefferies.