Reinsurance News

The industry sees a high chance that in order for Aon’s acquisition of rival Willis Towers Watson to go ahead, divestment will be required and a sale of reinsurance broking unit Willis Re is seen as a likely outcome.

The global catastrophe protection gap reached 64% in 2020 as roughly $171 billion of natural catastrophe and severe weather losses were not covered by insurance and reinsurance, one of the largest brokers Aon has said.

The World Bank has approved $500 million of funding for Indonesia to help the country enhance its financial response to natural disasters, climate risks, and health-related shocks, with the use of risk pooling, and insurance or reinsurance instruments at the heart of the plan.

SiriusPoint, the new international insurance and reinsurance firm that will be launched out of the coming together of Third Point Re and Sirius Group, is planning for its retrocession program to be “sidecar-like”, the company said.

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.