Reinsurance News

Munich Re does not expect its collateralised reinsurance sidecar vehicles or its retrocession program to pick up much of its losses from the COVID-19 pandemic, according to the reinsurers CFO.

Lancashire Holdings, the specialty insurance and reinsurance group with a third-party capital management platform, is increasingly seeing new business flows that meet its return requirements across a range of business lines, in particular benefiting from growth across property catastrophe reinsurance, property direct and facultative, the company said this morning.

Munich Re has reported more than EUR 1.5 billion of major losses to its reinsurance business, largely driven by the continuing significant impacts of the COVID-19 pandemic and a range of natural catastrophe losses.

The recent earthquake affecting the Izmir region of Turkey has been designated as a catastrophe event by Property Claim Services (PCS), a division of Verisk Analytics.

Alleghany Corporation and its reinsurance underwriting subsidiary TransRe highlighted elevated natural catastrophe losses and further impacts from the COVID-19 pandemic have driven them to underwriting losses, in third-quarter reporting.

As its Athene Co-Invest Reinsurance Affiliate (ACRA) sidecar vehicle begins to scale up, Athene Holding Ltd., the life and retirement reinsurance company majority owned by investor and private equity specialist Apollo Global has seen a tripling of management fees earned quarter-on-quarter.

Catastrophe risk modeller RMS has now weighed in with its estimate of insurance and reinsurance industry losses likely to come from recent hurricane Zeta’s impacts to the United States and it’s a little higher than other modeller estimates.

AXA reported its nine-months 2020 results yesterday and the re/insurers CFO revealed that a recapitalisation of its AXA XL unit is planned, so that it can take advantage of rising reinsurance prices.

Global reinsurance firm Hannover Re has reported an underwriting loss for its property and casualty reinsurance unit, as the combined ratio increased to 101.4% for the third-quarter driven by over budget major losses as the company added more COVID-19 impacts and the costs of a range of catastrophe events.

Arch Capital Group Ltd., the Bermuda headquartered insurance and reinsurance firm, has returned to the capital markets for its third mortgage insurance-linked securities (ILS) transaction of 2020, with a $418 million issuance of insurance-linked notes via special purpose insurer Bellemeade Re 2020-3 Ltd.