Reinsurance News

RenaissanceRe, the Bermuda based reinsurance company and third-party capital manager, has raised almost $462 million in new third-party capital across its range of joint-ventures and insurance-linked securities (ILS) funds in the first-quarter of 2025, but the California wildfires saw losses shared with investors and dented the firms fee income for the period.

For full-year 2024, AXIS Capital ceded $323 million of prospective reinsurance premiums to its Monarch Point Re casualty insurance-linked securities (ILS) platform, which was an increase of 13% over the prior year. In addition AXIS earned an increased level of fees and commissions from the ILS structure.

Global Parametrics, part of the CelsiusPro Group, has been named a Lloyd’s coverholder for Canopius Syndicate 4444, marking a significant expansion in capacity for its delivery of parametric risk transfer solutions for natural catastrophe events.

The insurance industry loss from Cyclone Alfred’s impacts in Australia during the first-quarter of 2025 has been initially estimated at almost AU $2.6 billion by catastrophe data aggregator PERILS AG.

Reinsurance broker Gallagher Re has estimated that preliminary total insured catastrophe losses for the first quarter of 2025 reached $56 billion, which makes it the costliest first quarter for the private insurance market and government-sponsored insurance entities since 2011, and 176% higher than the Q1 decadal average of $20 billion (2015–2024).

According to broker Aon’s Q1 Global Catastrophe Recap, insured losses in the opening quarter of 2025 exceeded $53 billion, well above the 21st-century Q1 average of $17 billion, marking the second-highest total on record after Q1 2011.

US primary insurer Allstate has disclosed that a heavy March catastrophe loss burden means it now anticipates making $123 million of reinsurance recoveries from its aggregate tower, whose coverage is solely provided by catastrophe bonds from the Sanders Re program.

The main four parametric disaster insurance risk pools have signed a grant agreement with the Global Shield Solutions Platform (GSSP) to help them accelerate and deepen their collaboration, something which could have implications for how they transfer risk to reinsurance and potentially capital markets.

Returns in the reinsurance market are still strong despite softening at recent renewals and this is driving some reinsurers to seek out growth while the opportunity remains, which analysts at J.P. Morgan call a rational view.

The 2025 Industry Exposure Database (IED) from Zurich-based catastrophe loss data aggregator, PERILS AG, includes market sums insured for the severe convective storm (SCS) peril for the first time, while exposure growth across all markets continues.