Reinsurance News

Arch Capital, the Bermuda headquartered specialty insurance and reinsurance group, has pre-announced an expectation that it will report up to $165 million of catastrophe losses from events in the fourth-quarter of 2020.

U.S. primary insurance carrier Travelers has successfully renewed its aggregate catastrophe reinsurance treaty at the January 2021 renewal season, with the layer set to provide it with slightly more coverage than last year but at a higher attachment point.

Vantage Risk, the insurance and reinsurance start-up launched by industry veterans Greg Hendrick and Dinos Iordanou, has established its first insurance-linked securities (ILS) vehicle in Bermuda, a collateralized insurer class company named AdVantage Retro I Ltd.

Bermuda headquartered reinsurance company PartnerRe has set up a new retrocession and specialty reinsurance focused investment vehicle named Laplace-C and secured backing from private equity player Olympus Partners.

The insurance and reinsurance industry loss estimate for the severe hailstorms that struck the southeastern region of Australia in January 2020 has been raised by roughly 4% to almost AU $1.9 billion.

Quality and availability of data is seen as vitally important by insurance and reinsurance market players interested in covering drought related risks, as they seek to reduce basis risk in offerings, a survey from VanderSat has found.

Bermuda has benefited from a robust year for insurance-linked securities (ILS) and other areas of reinsurance related investment through 2020, with assets under management of investment funds located in the domicile increasing during the year, as new private and closed fund structures have also been established.

Vesttoo, which uses proprietary artificial intelligence and machine learning solutions to help companies assess and transfer risks to the capital markets, has published mortality risk models and forecasts for the U.S. including COVID-19 impacts, and offers the resulting index for mortality risk transfer transactions.

Arbol, Inc., the marketplace technology provider that supports parametric risk transfer or weather insurance and utilises smart contracts, has raised a $7 million Series A funding round to help grow its business.

Akinova, a company that has created a platform for the transfer and trading of insurance and reinsurance risks, has become the first to receive an Insurance Marketplace Provider licence in Bermuda.