Reinsurance News

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.

Global insurer American International Group (AIG) expects to pass on a greater share of its major loss experience to reinsurance capital through the second-half of 2018, as it has already used up a chunk of the retention in the most recent quarter.

Specialty insurance and reinsurance player Brit Ltd. has begun to recognise an increasing benefit from managing third-party capital, as the firms managed capacity reached $400 million across its Sussex Capital collateralised reinsurance platform, Versutus reinsurance sidecar, and Lloyd’s syndicate 2988.

Christian Mumenthaler, the CEO of reinsurance giant Swiss Re, acknowledged an improving market across both insurance and reinsurance this morning, saying that he viewed the fact it was recovering as positive, which goes some way to explain the price improvements and continued premium growth the re/insurer is experiencing.

The insurance and reinsurance industry loss from the Carr wildfire in Shasta County, California, is anticipated to at least approach and possibly surpass $1 billion, as the destruction continues with now more than 1,550 structures completely destroyed and another 258 damaged by the fire.

Commercial risk transfer and insurance solutions provider Swiss Re Corporate Solutions, a division of the global reinsurance firm, has launched a novel parametric tsunami derivative product, designed to protect Japanese businesses against the financial impacts of tsunamis.

UK headquartered primary insurer RSA Insurance Group has tapped the collateralised markets for a portion of its recent reinsurance renewal, with now 9% of its 3-year aggregate program backed by collateralised sources of reinsurance capital.

Property and casualty insurance company United Insurance Holdings (UPC Insurance) has significantly increased its estimate for losses caused by hurricane Irma during the first-half of the year, raising the total by 56% to $623 million and meaning more losses passed onto its reinsurance capital providers.

Akinova, a digital risk trading insurtech start-up that is developing a platform where insurance and reinsurance related risk can be traded, has added another senior advisor in Susan Estes, a Wall Street veteran, as well as co-founder and CEO of bond trading platform OpenDoor.

Bermudian insurance and reinsurance group Aspen Insurance Holdings Limited has continued to cede more of its underwritten premiums to third-party capital sources and retrocession, with quota shares playing an important role as the company expands its insurance book.