Collateralized reinsurance news

Florida’s Citizens Property Insurance Corporation added on average 32,000 new policies to its portfolios every month through 2021, with projections for the end of 2022 suggesting it may have almost 1.1 million policies in-force, driving the need for more catastrophe bonds and reinsurance risk transfer.

Property catastrophe treaty reinsurance rates saw modest, single digit increases, similar to those seen at the 1/1 renewals, as the April 1st reinsurance renewal season passed in a largely orderly manner, broker Gallagher Re has said this morning.

Florida’s Citizens Property Insurance Corporation is seeking perhaps the steepest rate increases it has implemented for some years at an upcoming hearing with the regulator.

Centaur Group, the owner of Centaur Fund Services, a fund administration and service provider including to the insurance-linked securities (ILS) fund market, is joining Waystone, a leading institutional provider of services to the asset management industry.

Robus, the insurance management, fiduciary and financial advisory firm that is part of the wider Ardonagh insurance and reinsurance Group, has named Jamie Polson as the new leader of its Robus Guernsey office.

Re2 Capital has been launched by three well-known former employees of ILS manager Nephila Capital, with a mission to structure innovative climate risk transfer and financing solutions that can connect private investment capital and risk capacity to climate-linked opportunities.

Aon’s Bermuda domiciled Class 3 and Class C insurer and segregated accounts company White Rock Insurance (SAC) Ltd. has issued a fifth transaction in the Japanese Asagao private catastrophe bond series, with a $16.2 million Asagao V completed.

The Lloyd’s insurance and reinsurance market is understood to be in active discussion with financial market regulators over an expansion of the regulatory approvals for its insurance-linked securities (ILS) structure London Bridge Risk PCC.

Managers of insurance-linked securities (ILS) funds and other strategies are pushing back on what is seen as still excessive trapping of capital linked to COVID-19 related claims, as confidence rises that the eventual impacts of this will be relatively limited for the ILS market.

Arch Capital Group, the Bermuda headquartered insurance and reinsurance specialist, has sponsored the issuance of two new series of preferred shares from its Voussoir Re Ltd., collateralized reinsurance sidecar style special purpose insurance (SPI) vehicle.