Reinsurance News

UK government backed mutual terrorism reinsurance firm Pool Re has secured its largest retrocession program yet, buying a UK £2.4 billion (US $3 billion plus) aggregate excess of loss tower from private markets.

Cyber risk modelling company Kovrr has added new insurance, reinsurance and insurance-linked securities (ILS) expertise to its advisory board with the addition of John Butler, Head of Cohen & Company’s U.S. Insurance Asset Management Platform and Global ILS Program.

Economic losses from extreme weather related events could increase by 40% by 2040 due to the influence of climate change, according to researchers.

The property insurance market loss from the severe hailstorms that struck the southeastern region of Australia in January has been preliminarily estimated at A$670 million by PERILS AG.

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, added a private quota share arrangement with reinsurance giant Swiss Re in 2019, using a special purpose insurer (SPI) named Viaduct Re Ltd.

An agreement on the sale of PartnerRe has been reached between EXOR, the Agnelli family owned holding company investor, and French insurance group Covéa.

Insurance-linked securities (ILS) fund managers, as well as other managers of third-party capitalised reinsurance and retrocesion vehicles, face a particularly significant challenge when it comes to accurately valuing the PG&E wildfire related subrogation settlement in their funds, the actuarial team at KPMG highlighted.

Global reinsurance giant Swiss Re has selected a new Chairman of its Board in the outgoing CEO of bank UBS Sergio Ermotti, who will take over the position from Walter B. Kielholz next year.

Property Claim Services (PCS) will now provide industry loss data aggregation and index reporting for the entire Americas, from Canada to Argentina, with the launch of a Latin America service in response to client demand.

Speaking at the SIFMA Insurance and Risk Linked Securities Conference in Miami yesterday, former U.S. Congressman Jeb Hensarling explained that the ILS market has a “real opportunity” to assist the United States government in shifting more risk away from taxpayers.