Reinsurance News

While commercial and personal property insurance rates rose broadly in the second-quarter of 2020, it is the catastrophe exposed regions and segments of the business that are rising fastest, according to MarketScout.

At the July 1st reinsurance renewals rates were seen to improve by as much as 20% according to Hyperion X, a little behind the average 26.2% rate improvements seen by the company at the June 1st renewals.

The Caribbean Development Bank (CDB) and Government of Canada have partnered to fund the CCRIF parametric insurance premiums of nine Caribbean countries, enabling them to continue with coverage despite the fiscal impacts from the Covid-19 pandemic.

The Bermuda insurance and reinsurance market’s share of global alternative capital capacity accelerated in 2018 to reach an impressive $71 billion, or roughly 73%, as capital raising flowed to Bermuda-based ILS structures and funds.

TigerRisk Partners LLC, the global risk, capital and reinsurance brokerage and advisory, has added another hire, taking Juan England from Willis Re for a role focused on European and international reinsurance clients.

Florida headquartered, expansive catastrophe exposed primary property insurer United Insurance Holdings (UPC Insurance) has appointed its CFO Brad Martz as President of the insurer and Chris Dittman takes on the role of Chief Risk Officer, keeping his reinsurance buying responsibilities as well.

The transaction is the first personal auto reinsurance transaction backed by alternative capital that AXA XL has completed in Bermuda, helping long-time MGA partner Bluefire to reduce its exposure in a capital efficient manner.

U.S. and global primary insurance carrier and reinsurance company Chubb, has pre-announced a massive just over $1.8 billion hit from global catastrophes and the Covid-19 pandemic for the second-quarter of the year, setting the stage for other large loss hits from major players.

The reinsurance marketplace remains fragile after a number of years of subpar returns and more recent stresses, which is expected to help price increases continue into 2021, albeit at decelerating positive rate levels, according to equity analysts at Credit Suisse.

Loss creep from 2017’s hurricane Irma may accelerate over the next few months as the statute of limitations for filing claims approaches in September, rating agency A.M. Best warned today.