Reinsurance News

Ark Insurance Holdings Limited, a property and casualty insurance and reinsurance subsidiary of the White Mountains Insurance Group, Ltd., has successfully sponsored a renewal of its collateralized reinsurance sidecar Outrigger Re Ltd. for the 2025 calendar year, but at a slightly smaller size than seen in 2024.

More wildfires broke out in the Los Angeles area of California over night meaning the property damage has continued and early estimates from some of the insurance industry focused equity analyst teams suggest a potential industry loss in the $6 billion to as high as $13 billion range.

According to the latest news reports and a statement by the local fire chief, more than 1,100 structures are said to have been destroyed by the wildfires that continue to burn out of control in the Los Angeles, California suburbs.

American Coastal Insurance Company (AmCoastal) has successfully renewed its all other perils reinsurance arrangement for 2025 and added a new $40 million catastrophe aggregate excess of loss agreement.

Chief Executive Officer (CEO) John Neal is to depart from the Lloyd’s market to join broking giant Aon as its new Global CEO of Reinsurance and Global Chairman of Climate Solutions.

The outbreak of dangerous and damaging wildfires in the Los Angeles area of California in the last day brings into focus the subject of potential further erosion for aggregate catastrophe bond attachments, according to cat bond fund manager Icosa Investments.

Insurance and reinsurance broker Howden’s capital markets and insurance-linked securities (ILS) specialist unit, Howden Capital Markets & Advisory (HCMA), has hired Paul Poschmann from Gallagher Re as Vice President as it continues to expand in Europe.

Even while pricing across the reinsurance market has begun to decline from its historically high levels, broking group Howden believes that the structural changes enacted during the recent hard market are likely to endure.

Los Angeles, California has declared a state of emergency as a fast developing wildfire situation emerged last night, with the Pacific Palisades fire now having expanded to over 3,000 acres, with many properties said burned so far and 13,000 buildings believed to be threatened at this time.

CCR Re, the France headquartered international reinsurance company, has announced the successful renewal and launch of a seventh sidecar in the 157 Re series of deals, which for 2025 sees the addition of a new feature to enable more efficient reuse of collateral between sidecar vintages.