Reinsurance News

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.

American International Group (AIG) continues to adjust its operating model under the remit of Brian Duperreault, with the latest change being the announcement that the firms DSA Re legacy reinsurance vehicle is to be transformed into a standalone reinsurer, with the help of private equity giant The Carlyle Group.

Reinsurance and retrocession linked specialist ILS investment manager Markel CATCo Investment Management has continued to deliver higher investment fee income to parent Markel Corporation in the second-quarter, as the increased assets under management contributed 87% more revenue this year.

Blue Capital Reinsurance Holdings Ltd., a unit of Sompo International Holdings Ltd., continued to feel the effects of hurricane Irma losses in Q2, but anticipates its underwritten portfolio producing a 100 basis point higher rate-on-line thanks to price improvements.

The Carr wildfire continues to burn and expand in Shasta County, California and the number of structures destroyed by the fire has now reached 1,378, making the Carr fire now the sixth most destructive on record in the state, with hot and dry weather making further damage likely.

Bermudian reinsurance firm Everest Re has achieved significant growth of its underwriting book during the second-quarter of the year, while at the same time the firm’s collateralized sidecar like vehicle Mt. Logan Re has now reached $1.134 billion, its largest size ever.

Arcus Syndicate 1856 at Lloyd’s of London, which is backed by funds under the management of the Credit Suisse insurance and reinsurance linked investment strategies team, has announced two senior promotions for Adrian Gfeller and Gary Delaney, as well as a number of other core team updates.

Hiscox Re Insurance Linked Strategies Ltd. (Hiscox Re ILS), the manager of third-party reinsurance investment funds at re/insurer Hiscox, has grown its assets under management again to reach $1.6 billion, as the ILS business helped Hiscox also grow its catastrophe premiums.

The Carr wildfire in Shasta County California continues to spread, with resulting damage to residential and commercial property now meaning 874 structures have been completely destroyed, with another 175 damaged and more than 5,000 still under threat.