Reinsurance News

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.

At this year’s renewal of member country policies for the CCRIF SPC (formerly known as the Caribbean Catastrophic Risk Insurance Facility), some have elected to split coverage across multiple policies, enabling them to better calibrate or target their parametric disaster insurance protection.

TigerRisk Partners LLC, the global risk, capital and reinsurance brokerage and advisory, has added another senior reinsurance broking hire from rival Aon, with Joe Jackson joining the firm in its New York office.

An estimate of insurance and reinsurance industry losses from the severe bushfires in Australia over the last season has been raised by 19%, with the hours clause appropriate seven consecutive day period loss now seen as A$1.86 billion (almost US $1.3bn) by PERILS AG.

The African Risk Capacity (ARC), a parametric sovereign disaster risk insurer for African nations, has paid the government of Madagascar $2.3 million after its parametric drought insurance policy was triggered in the last growing season.

Florida headquartered, expansive catastrophe exposed primary property insurer United Insurance Holdings (UPC Insurance) has pre-reported an expected $30 million pre-tax hit from numerous catastrophe and severe weather events that struck its book of business in the second-quarter.

Pacific Gas and Electricity (PG&E), the wildfire stricken California focused electrical utility operator, has finally made its payments to insurance, reinsurance and other entities holding subrogation claims rights, amounting to an $11 billion settlement.