Reinsurance News

PGGM, the Dutch pension fund administrator and investment manager that has become the largest single source of assets in the insurance-linked securities (ILS) market, has expanded and deepened its private quota share sidecar relationship with reinsurance firm Swiss Re.

Aggregate catastrophe losses suffered by U.S. primary insurance giant Allstate have risen to almost $1.2 billion for the second-quarter of 2020, with the pace of severe weather losses falling slightly in June.

LGT ILS Partners, the specialist dedicated insurance-linked securities (ILS) investments unit of the private bank and asset manager, is considering ways to enable equity investments to be made into its rated Class 3A reinsurance underwriting vehicle Lumen Re.

Dan Bailey, a well-known London and international broker producer with expertise across treaty reinsurance, collateralised products and retrocession, is moving employers after a relatively short stint with Steadfast Re, landing at McGill & Partners.

U.S. commercial property and casualty carrier CNA Financial Corporation has reported a $301 million estimate of its second-quarter 2020 catastrophe losses, due to the impacts of the Covid-19 pandemic, rioting and civil unrest, as well as severe weather.

U.S. insurer The Hartford has become the second to reveal a significant recoverable through PG&E related subrogation on claims related to the California wildfires, which sees a before tax $289 million flowing back to the company this quarter.

Moody’s Investors Service believes that the property and casualty insurance and reinsurance industry loss impact from the global Covid-19 pandemic will be somewhere in the range from $50 billion to $80 billion, which is around the middle of current estimates.

The impacts of elevated severe and convective weather occurrences in the U.S. continue to be apparent in the latest pre-announcements of second-quarter 2020 losses, as insurers Cincinnati Financial and Selective Insurance Group added to the industry toll last night.

Heritage Insurance Holdings, Inc., the Florida headquartered and nationally expanding U.S. property casualty insurer, said that it experienced an unusually high number of catastrophe events in the second-quarter of 2020, driving an expectation of roughly $26.8 million of pre-tax losses from severe weather.

Further evidence of the elevated impacts of severe and convective weather in the second-quarter of 2020 are apparent in a pre-announcement from property and casualty insurer The Hanover Insurance Group, Inc., which expects around $148 million of catastrophe losses for the quarter.