Collateralized reinsurance news

Despite the slowdown in the collateralised reinsurance marketplace in recent years, global reinsurer Hannover Re continues to place more limit on behalf of investor and ILS fund partners, growing this segment of its business again in full-year 2023.

Nascent Group, an insurance management and reinsurance transformer company launched by Andre Perez to reimagine the insurance-linked securities (ILS) servicing space, has made two key hires, bringing former Horseshoe and Artex expertise back together, with Yulanda Francis and Shehan Ranasinghe joining the firm.

We are delighted to announce four more expert speakers who will join us and share their insights with attendees at our upcoming catastrophe bond and insurance-linked securities (ILS) market conference in Singapore, ILS Asia 2024, which takes place on July 11th at the Suntec Convention Centre.

With our ILS Asia 2024 conference in Singapore being held in less than two months, on July 11th, we are now delighted to announce that the Monetary Authority of Singapore (MAS), the central bank and financial regulatory authority, will join us again to start the day.

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.

Dutch pension PFZW, which is the single largest end-investor in insurance-linked securities (ILS) through its portfolio that is administered by PGGM, has taken a $175 million dividend from Vermeer Reinsurance Ltd., the joint-venture and rated underwriting vehicle that RenaissanceRe manages on its behalf.

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.

The loss ratio of Lumen Re, the main reinsurance underwriting vehicle of LGT ILS Partners, has reduced significantly again in 2023, while the reinsurer is becoming increasingly efficient for the ILS manager as it has earned reciprocal jurisdiction recognition in 37 US states, according to rating agency AM Best.

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.

White Mountains has reported that its investment into the Outrigger Re collateralized reinsurance sidecar, that supports its re/insurer subsidiary Ark, generated the company slightly more in pre-tax income through the first-quarter of 2024, despite the firm’s investment in the sidecar being smaller this year.