Reinsurance News

Over the twelve months to January 1st 2025, Bermudian global reinsurer and third-party reinsurance capital manager RenaissanceRe added $860 million in third-party assets to its range of joint-venture vehicles and ILS funds, taking overall third-party capital to $7.81 billion.

RenaissanceRe, the Bermuda-based reinsurance firm and third-party capital management specialist, is planning to further expand the balance-sheet of its DaVinciRe sidecar-like third-party capitalised reinsurance joint-venture through a $300 million private debt issuance.

Hiscox ILS, the dedicated insurance-linked securities (ILS) management arm of the global re/insurer, generated a record level of third-party reinsurance capital related fee income in 2024, helped by strong performance fees and significant new inflows during the year.

Global reinsurance giant Swiss Re disclosed that it anticipates losses from the January 2025 wildfires in Los Angeles, California will be below $700 million, while also reporting strong growth at the January renewal season for its property and casualty reinsurance business.

According to global specialty insurance and reinsurance group Chaucer, evidence from observational data and climate models shows that tropical cyclones, known as typhoons in the Pacific, are showing signs of being influenced by climate change, with a notable trend of their peak intensity shifting northward in the Northwest Pacific.

AXIS Capital, the specialty insurance and reinsurance company, has registered a fourth collateralized insurer class of company in Bermuda to support further expansion of its Monarch Point Re casualty insurance-linked securities (ILS) platform in 2025.

Floodbase, a specialist in parametric flood risk, has raised $5 million in investment funding, in a round led by Ecosystem Integrity Fund (EIF) with participation from Pulse Fund, with the company planning to use the funds to accelerate the development of its flood insurance programs.

Munich Re has renewed its retrocessional reinsurance program arrangements to provide $1.55 billion in protection for 2025, utilising both traditional retro and capital markets through its sidecars and catastrophe bonds at a stable level with the prior year.

US primary insurance giant State Farm has said that its direct losses from the Los Angeles, California wildfires are currently estimated at $7.6 billion, but after significant reinsurance recoveries only $212 million is expected to be retained.

NormanMax Insurance Holdings, the US based parametric insurance and reinsurance group that operates the first pure-parametric syndicate at Lloyd’s, has added to its sensor-based technology for parametric risk transfer with the acquisition of the UK’s FloodFlash.