Alternative reinsurance capital

Porch Group, the owner of insurer Homeowners of America Insurance Company (HOA) which was impacted by the Vesttoo reinsurance letter of credit (LOC) collateral fraud, has now taken the step of suing broker Gallagher Re, claiming it “grossly mismanaged” the administration of the reinsurance.

Global reinsurance firm Swiss Re has made a new business development hire within its Alternative Capital Partners (ACP) division, appointing experienced insurance-linked securities (ILS) executive Charles Mixon as Senior Business Development Manager.

Nectaris Re Ltd., the Class 3A Bermuda-based rated reinsurance underwriting platform backed by London headquartered specialist insurance linked securities (ILS) and reinsurance related investments manager Leadenhall Capital Partners LLP, reported “solid” underwriting results for both 2022 and 2023, according to AM Best.

Here are the ten most popular news articles, week ending May 12th 2024, covering catastrophe bonds, ILS, reinsurance capital and related risk transfer topics. To ensure you never miss a thing subscribe to the weekly Artemis email newsletter updates or get our email alerts for every article we publish.

Aon has again called for fronting specialist Clear Blue Insurance’s lawsuit against it, related to the reinsurance letter of credit (LOC) fraud perpetrated by Vesttoo, to be dismissed, calling it an attempt to distract from the depth of Clear Blue’s involvement with the insurtech and its own financial distress.

Porch Group has filed a law suit in New York against China Construction Bank Corporation, over the Vesttoo reinsurance collateral fraud, accusing the massive Chinese bank of “enabling its personnel to perpetrate a colossal fraud” on the plaintiffs.

Here are the ten most popular news articles, week ending May 5th 2024, covering catastrophe bonds, ILS, reinsurance capital and related risk transfer topics. To ensure you never miss a thing subscribe to the weekly Artemis email newsletter updates or get our email alerts for every article we publish.

Clear Blue Insurance has amended its complaint against Aon, in the New York court lawsuit related to the reinsurance letter of credit (LOC) fraud perpetrated by insurtech Vesttoo, with the language strengthened and Aon now accused of soliciting the fronting specialist’s involvement in a scheme it says was structured and masterminded by the broker.

AXIS Capital, the Bermuda based specialty insurance and reinsurance company, recognised higher fee income from its work with third-party investors, or so-called strategic capital partners, during the first-quarter of 2024, with higher premiums ceded to partners as well.

For Bermuda based reinsurance company and third-party capital manager RenaissanceRe, the fee income earned from its joint-venture and insurance-linked securities (ILS) operations has become a significant contributor to earnings and the second-quarter is expected to see these fees rise by around 23% year-on-year, its leadership said today.