Reinsurance News

Pacific Gas and Electricity (PG&E), the wildfire stricken California focused electrical utility operator, has been approved to secure $23 billion of financing to assist in paying its bankruptcy related settlements, which may further accelerate the awaited subrogation payments it owes rights holders.

According to analysts, loss development from last year’s Japanese typhoon Hagibis is not following the same path as 2018’s Jebi, with the current prognosis being that development is much better than feared.

Bermuda headquartered insurance and reinsurance group Aspen Insurance Holdings Limited has adjusted its risk appetite for certain exposures following recent catastrophe loss challenges.

Everest Re, the global re/insurer and third-party reinsurance capital manager through its Mt. Logan Re Ltd. vehicle, has promoted well-known industry executive Don Mango to the roles of Chief Risk Officer and Chief Actuary.

Multi-Strat Holdings Ltd., the Bermuda based holding company that underwrites casualty and longer-tailed reinsurance and arranges casualty insurance-linked securities (ILS) transactions, has been acquired by Canopius Group Limited.

Property insurance rates are expected to continue hardening through 2020 and into 2021 by AmWINS, as the company believes reinsurance pricing and loss creep have become key drivers, while capacity is not yet showing a sign of returning in abundance to dampen the momentum.

Industry backed catastrophe loss data aggregator and estimator, PERILS AG, has announced the extension of its line of business reporting to include Australian motor for both personal and commercial lines.

The directors of the listed and in run-off retrocessional reinsurance focused investment strategy, the CATCo Reinsurance Opportunities Fund Ltd., have confirmed that they won’t look to raise further capital “in any circumstances”.

The industry-loss warranty (ILW) market can be a driver of diversification for the insurance-linked securities (ILS) market as a whole, with growth expected in specialty lines and cyber risks.

The results of the U.S. property and casualty insurance sector were affected by higher reinsurance related expenses after the implementation of the BEAT tax and higher catastrophe losses, according to A.M. Best.