Reinsurance News

Equity analysts at investment bank Credit Suisse said yesterday that they are anticipating the U.S. catastrophe loss burden for the insurance and reinsurance industry in the second-quarter of 2020 will be around 25% above the 10-year average.

As expected, U.S. focused mortgage insurer Essent Guaranty has reported that all of its mortgage insurance-linked securities (ILS) transactions outstanding are now subject to a trigger event, after the Covid-19 pandemic drove delinquency rates much higher.

QOMPLX, an insurtech provider of intelligent decision platforms and operator of managing general agency’s (MGA), has launched US-based subsidiary MGA units named RubiQon Risk & Insurance Services and RubiQon Re, which will be led by sector veterans Conan Ward and Romel Salam.

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.