Reinsurance News

Randall & Quilter, a Bermuda headquartered specialist non-life insurance and reinsurance investor, legacy or run-off transaction service provider and underwriting program manager (amongst other things) has hired Darren Bailey, an executive with ILS and capital markets experience.

The use of insurance-linked securities (ILS), catastrophe bonds and collateralized reinsurance has transformed the reinsurance market and conquered the property catastrophe space, according to S&P, providing companies with a lever to acquire premium growth while still managing and controlling their peak exposures.

Unsurprisingly, managing agencies in the Lloyd’s of London insurance and reinsurance market would like to see insurance-linked securities (ILS) as a permanent fixture and efficient capital options more readily accessible.

An open, technology-driven, programmatic reinsurance risk placement marketplace has been announced as ready for business by Tremor Technologies, Inc., which the company hopes will make the placement and matching of risk with the right capital more efficient.

Global reinsurance giant Munich Re has followed suit with much of the market, in electing to pass on more premiums to de-risk at a time when the improved market conditions have allowed it to grow its underwriting book on the front-end.

The losses suffered by Japanese insurance firms after the extreme rainfall and flooding in July are rising into the billions of dollars, with leading companies having reported their losses recently and claims already paid having surpassed $715 million.

The amount of alternative capital in the global reinsurance industry, so capital provided by insurance-linked securities (ILS) funds, investors and structures, has now reached a new high of $95 billion and as a result contributes 16% of global reinsurance capital, according to Aon.

AXIS Capital has announced the hiring and appointment of a new Global Head of Ceded Reinsurance, hiring Anne Kelly from U.S. primary insurer Travelers into the role.

A number of industry-loss warranty (ILW) contracts providing retrocessional reinsurance are set to pay out after the latest updates to third-party data providers estimates of insurance industry losses caused by last year’s hurricane Irma.

Severe droughts, wildfires and flooding from torrential rain and typhoons have combined to cause in excess of $7 billion of economic losses in July 2018, with the insurance and reinsurance industry set to pay its share of the global bill.