catastrophe reinsurance

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United swaps to aggregate for attritional catastrophe reinsurance layer

Property casualty insurance holding company United Insurance Holdings Corp. (also known as UPC Insurance) has swapped its per-occurrence catastrophe reinsurance program for a new one-year new aggregate excess of loss reinsurance program, at the January renewals.The new reinsurance program sees United retaining the first $15 million of aggregate catastrophe losses read the full article →

Greenlight Re continues to avoid inadequately priced business

Greenlight Re, the Cayman Islands domiciled, hedge fund strategy reinsurance firm backed by David Einhorn and his Greenlight Capital, Inc. hedge fund, has slashed its premiums written again in the last quarter as it declined to renew business deemed unprofitable.Greenlight Re reported net income of $60.7m for the fourth quarter read the full article →

Not everyone is pulling back on U.S. catastrophe reinsurance

It may come as a bit of a surprise, but some reinsurance companies aren't pulling back on underwriting U.S. catastrophe reinsurance business, as the margins available continue to be attractive to firms for which the hurdle rate is sufficient to meet cost-of-capital.Over the last two or more years there has read the full article →

Reinsurance rates reaching unsustainable levels: Allianz Re CEO

In an interview with Bloomberg, Amer Ahmed the CEO of Allianz Re said that some reinsurance rates are reaching unsustainable levels which, if prices continue to decline, may cause his firm to buy more reinsurance and sell less.Ahmed was interviewed by Bloomberg in Munich and discussed the reinsurance pricing issue read the full article →

State Auto swaps quota-share for cat designated aggregate reinsurance

Primary insurer State Auto Financial Corporation has replaced its quota-share catastrophe reinsurance for a new aggregate cover featuring PCS catastrophe designation, a good example of a traditional reinsurance product that is similar to a capital market one.The lines between traditional reinsurance treaties and capital markets or ILS backed collateralized reinsurance read the full article →

Asian countries continue to develop catastrophe re/insurance markets

Countries across Asia continue to develop, or pursue the development of, functioning catastrophe insurance and reinsurance markets, which is a positive sign for global reinsurers and the insurance-linked securities (ILS) market.Countries across Asia are some of the most natural disaster exposed in the world, but at the same time have read the full article →

Better to reduce underwriting than accept mispriced risk: David Einhorn

Greenlight Re, the Cayman Islands domiciled, hedge fund manager David Einhorn and Greenlight Capital, Inc. backed reinsurance firm, has continued its approach of non-renewing contracts which it felt were mispriced at recent renewals.The result of this strategy, as well as some renewals which shrank significantly as cedents retained more risk read the full article →

Swiss Re falls short, strategy shifts in softening reinsurance market

It is the turn of the largest reinsurance companies in the world to announce their results this week, beginning with global reinsurer Swiss Re who today reported quarterly results which, while missing analysts expectations, showed a change in strategy.Swiss Re has shifted further away from natural catastrophe reinsurance business during read the full article →

RenaissanceRe CEO says not actively looking for new third-party capital

Bermuda-based reinsurer and third-party reinsurance capital management specialist RenaissanceRe is not actively looking for new third-party investors in the current reinsurance market environment, according to CEO Kevin O’Donnell.RenaissanceRe is trying to manage its mix of balance-sheet, third-party and joint-venture sourced reinsurance capital in particularly difficult market conditions at the moment. read the full article →

Greenlight Re ‘walks away’ from some underpriced retro accounts

Greenlight Re, the Cayman Islands domiciled, hedge fund manager David Einhorn and Greenlight Capital, Inc. backed reinsurance firm, has pulled back from some of its catastrophe retrocession business this year citing low pricing and competition.Greenlight Re has always had a focus on some areas of the retrocessional reinsurance market which read the full article →