Reinsurance News

Insurance and reinsurance broker Miller, which has an industry-loss warranty (ILW) and insurance-linked securities (ILS) broking practice, is now an independent company again, after its acquisition by by private equity specialist investor Cinven and Singapore’s sovereign wealth fund GIC completed.

Aeolus Capital Management Ltd., the Bermuda based reinsurance and insurance-linked securities (ILS) focused investment fund manager, has announced a new senior hire to its research division, with Dr. Peter Dailey set to join as Head of Research.

Winter 2020 severe windstorms and flooding events cost insurance and reinsurance interests in the United Kingdom almost US $1.1 billion, according to the latest data from PERILS AG.

SiriusPoint Ltd. has launched as a new international specialty insurance and reinsurance company today, starting with over $3 billion of capital.

Insurance and reinsurance broker Aon has offered its view on the recent winter storm activity in the United States, saying that an expected “hurricane-level” of claims from the winter storm “will translate to payouts well into the billions of dollars.”

The U.S. Federal Emergency Management Agency (FEMA) continued to spread its risk with its latest visit to the catastrophe bond market, as the $575 million FloodSmart Re Ltd. (Series 2021-1)  cat bond has lifted its reinsurance program for the National Flood Insurance Program (NFIP) to a new high.

RSA Group, the UK based insurance group, has cut its main Group Volatility Cover, an aggregate reinsurance protection, as it balanced cost against the protection it offered at the January 2021 reinsurance renewals.

UK government backed mutual terrorism reinsurance firm Pool Re has secured another increase in size to its retrocession program, lifting it to almost US $3.5 billion at the latest renewal, but still insurance-linked securities (ILS) capacity remains limited to its previous catastrophe bond.

PartnerRe, the Bermuda headquartered and EXOR owned reinsurance company, has significantly grown its third-party capital assets under management, lifting them above $1 billion around the January 2021 renewals.

MetLife, Inc., one of the largest life and annuities insurance groups in the world, has announced that it completed two more UK based longevity reinsurance transactions with pensions insurance specialist Rothesay Life, covering $5 billion of risk.