Reinsurance News

A collaboration between catastrophe reinsurance broker & risk/capital management advisor TigerRisk, and catastrophe risk modelling specialist JBA Risk Management has been announced, providing the firms’ clients in the re/insurance and ILS space with a better view of flood exposures.

Meteorologists from JLT Re North America have highlighted the potential for catastrophic flooding and intense drought conditions owing to the arrival or failure of Atmospheric River (AR) events, underlining the potential for increased insurance and reinsurance industry losses.

Lloyd’s of London accredited insurance and reinsurance broker Alston Gayler (AG), a leading player in the global industry loss warranty (ILW) market, has secured a license from Property Claim Services (PCS) to use its PCS Turkey service for ILW triggers.

Reinsurance company claims reserves are beginning to run low meaning that the releases seen in recent years to boost profitability in a softening market may not be as easy to continue, according to CEO of Allianz Re Amer Ahmed.

In light of a global effort to improve economic resilience against the threats of climate change, a new report from the European Systemic Risk Board (ESRB) highlights potential systemic risks for reinsurance following a late transition to a low-carbon economy.

Australian insurance group IAG has reported its results, revealing continued deterioration of its Canterbury, New Zealand earthquake claims, challenging commercial market conditions and new reinsurance arrangements with Warren Buffett’s Berkshire Hathaway.

A new, U.S. severe thunderstorm (STS) scenario model has been launched by Aon Benfield’s catastrophe model development team, Impact Forecasting, which will assist sponsors and investors in the catastrophe bond space to better understand U.S. thunderstorm risks.

GC Securities was involved in more than $2.4 billion of catastrophe bond and insurance-linked securities (ILS) transactions during 2015, growing its contribution to the outstanding market, according to data from the Artemis Deal Directory.

Reinsurance and retrocession linked investment and fund manager Markel CATCo Investment Management Ltd. has appointed a new Chief Operating Officer (COO) from within, promoting Mark Way, who has worked for the firm since its launch in 2011, to the role.

Analysts at Bernstein have warned against the dangers of “bad business” and “underpriced risk” in the reinsurance sector, while reminding market players that in order for the softening environment to turn, “first there must be blood.”