Reinsurance News

Montauk Point has been launched in Bermuda by well-known reinsurance industry executive Adam Szakmary to provide independent advisory services to third-party risk capital providers.

Insurance-linked securities (ILS) focused solution provider Jireh Risk Advisors Ltd. has announced a partnership with independent insurance manager Strategic Risk Solutions (SRS) in Bermuda, that will see the pair delivering ILS related services, including risk transformation through a newly launched SPI, Strata ILS Ltd.

Radix Insurance Linked Strategies (Radix ILS) has been founded by former Hamilton ILS executive Hanni Ali as a new Bermuda-based third-party capital manager and reinsurance capacity deployment company with a technology-first focus.

Liberty Mutual, the insurance and reinsurance group, has disclosed its property catastrophe reinsurance arrangements earlier than usual, saying that it has $2.8 billion of per-occurrence limit available and a further $500 million of annual aggregate protection.

Insurance industry losses from the wildfires that impacted the Municipality of Jasper and Jasper National Park in Alberta, Canada between July 22nd and August 17th 2024, is estimated to have reached CAD $1.23 billion, according to CatIQ, Canada’s insured loss and exposure indices provider.

According to senior executives at Reinsurance Group of America (RGA), the fee income flowing to the company from its third-party capitalised Ruby Re life reinsurance sidecar is already meaningful and while a new transaction was ceded to the sidecar in Q3 last year, the structure still had around two-thirds of its capital and capacity left […]

Lockton Re, the reinsurance arm of the independent broking group, has now confirmed the role former Gallagher Re executive Theo Norris has taken at the firm, appointing him UK Capital Markets Structuring and Cyber ILS Leader.

According to sources, retrocessional reinsurance arrangements are not expected to play a particularly significant role in supporting reinsurers losses from the Los Angeles, California wildfires, aside from support being received through quota share arrangements and collateralized sidecar structures.

Catastrophe risk modelling specialist Karen Clark & Company (KCC) estimates that the insured loss (from privately insured and FAIR plan policies) to residential, commercial, and industrial properties, and autos from both the Palisades and Eaton wildfires in Los Angeles will sit close to $28 billion.

In a new update on the Los Angeles and Southern California wildfires, Evercore ISI analysts have said they believe that losses from the event are unlikely to change the trajectory of reinsurance pricing, which the firm anticipates will still be down 10% to 20% at the mid-year renewals.