Reinsurance News

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.

Insurer American International Group (AIG) is likely to continue to acquire increasing amounts of reinsurance protection, as it utilises reinsurance capital as a lever for performance improvements across its book and is already approaching reinsurer markets about new opportunities in the second-half of this year.

One of the ways the insurance-linked securities (ILS) and investments market has expanded in recent months is through backing quota share-type arrangements for a range of ceding companies, with this activity now outpacing collateralized reinsurance sidecars and helping to provide capacity to support ILS asset growth.

Further demonstrating the long-tail that earthquake claims can have, the insurance and reinsurance market loss estimate for the 2010 and 2011 Canterbury, New Zealand earthquakes continues to rise, with the latest figure now $22.3 billion, according to the Insurance Council.

Wildfires in California have now destroyed 1,734 structures, 1,148 of which are residential properties, with another 304 structures damaged, as the Carr wildfire continues to burn and the Mendocino Complex wildfires expanded over the weekend.

AXA and XL Group, who’s M&A deal is scheduled for completion soon, have ceded more risk to reinsurance or retrocession counterparties, as the pair make good on promises to control their combined exposures to natural catastrophe events.