Reinsurance News

It’s down to insurance-linked securities (ILS) cedents and sponsors to work to restore trust in the ILS investor community, by increasing transparency, reducing uncertainty and building long term partnerships, according to Mathieu Halm, Head of Retrocession and Strategy at CCR Re.

For primary insurance carriers, having a dependency on reinsurance during challenging years characterised by catastrophe and severe weather losses, is not necessarily negative, as it can be a critical in enabling prompt claims payment, rating agency Demotech has said.

Central Asian countries will benefit from a better understanding of their natural disaster risks, which in time could lead to greater use of risk transfer, insurance and reinsurance capacity in the region, as the World Bank supports a multi-peril risk assessment project for the region.

California electrical utility Southern California Edison has agreed a $2.2 billion payout to settle all insurance subrogation claims from pending litigation related to the 2018 Woolsey Fire and expects to exhaust its remaining $700 million of wildfire coverage as a result.

Heritage Insurance Holdings, Inc., the Florida headquartered and nationally expansive U.S. property casualty insurer, has pre-announced an expectation that it will report $41.5 million of catastrophe and severe weather losses for the fourth-quarter of 2020.

Global insurance and reinsurance group Everest Re has pre-announced a range of charges being applied to its fourth-quarter and 2020 results, due to catastrophe losses, continued impacts from the COVID-19 pandemic and a $400 million reserve charge driven by social inflation trends in casualty lines.

Universal Insurance Holdings, the Florida headquartered, nationally expansive primary insurance carrier, has announced the hiring of Jason Burns as the new President of its reinsurance intermediary Blue Atlantic.

Oneglobal Broking, the commercial insurance and reinsurance brokerage owned by investor JC Flowers, has opened its first Bermuda broking office and announced two key hires.

A European Commission study looking at the insurability of nuclear third-party liability risks (NTPL) and availability of capacity to support them, found that insurance-linked securities (ILS) market capital would be available, under the right structures and terms.

Flood risk insurtech company FloodFlash, which offers an innovative sensor-based approach to support parametric flood insurance triggers, has beaten its own record on rapid claims payment, paying out to one policyholder within ten hours for the impacts of flooding during UK storm Christoph.