Reinsurance News

Watford Re, Bermudian specialist re/insurer Arch Capital and asset manager Highbridge Principal Strategies third-party capital backed total-return reinsurance venture, continued its trend towards portfolio growth in the second-quarter, reporting another 15% jump in premiums underwritten.

A re-evaluation of California wildfire risks is required as the “highly destructive current and 2017 wildfires” have largely occurred in areas typically classified as low to moderate risk by insurance and reinsurance interests, leading A.M. Best to suggest that “improved loss-reduction strategies” need to be adopted to reflect this “new normal.”

Lloyd’s specialist insurance and reinsurance player Beazley’s special purpose arrangement (SPA) syndicate 5623 is set to offer its third-party investor backers access to a broad and diverse range of risks, with the facilities access likely to mean risks in the portfolio that typical ILS funds or strategies do not underwrite.

German reinsurance giant Hannover Re has continued to expand its underwriting portfolio in property & casualty reinsurance, increasing gross premiums written by over 19% in the second-quarter, but citing “fierce competition” and the effects of alternative capital in markets such as Florida.

As capital market investors increasingly look to access the relatively uncorrelated returns of insurance and reinsurance risk, their appetite is driving market expansion further into primary sources of insurance risk, with insurance now becoming a key area of growth for the ILS market.

Bermudian specialty insurance and reinsurance firm Aspen Insurance Holdings Limited is promoting Emil Issavi, currently President and Chief Underwriting Officer of Aspen Re, to become the leader for its global reinsurance business, as the previous CEO of Aspen Re is set to depart the firm.

Reinsurance giant Munich Re continues to plough ahead with its growth strategy in the slightly better pricing environment, reporting today that it underwrote 42% more premiums at the July renewal at pricing that was less than 1% better across the portfolio.

Florida headquartered, nationally expanding U.S. property casualty insurer Heritage Insurance Holdings, Inc.has estimated that its gross losses from last year’s hurricane Irma now stand at up to $800 million, suggesting greater impacts to the firms Citrus Re catastrophe bonds.

The 2018 California wildfire season continues to astonish as wildfire acres burned in the so-called Mendocino Complex fires accelerated rapidly over the last 48 hours, making the burn into the largest single wildfire in California state records.

Nephila Capital, the largest manager of catastrophe and weather insurance and reinsurance linked investment funds, has had its application to transition to operating its own managing agency at Lloyd’s approved by the market Board and has announced a number of hires.