insurance

Universal Insurance Holdings, the Florida headquartered primary insurance carrier, has already got started on the renewals for its reinsurance arrangements, as the company looks to get ahead of the market and continues to take steps to restore profitability to its Florida book.

The Markel CATCo retrocessional reinsurance investment funds are seeking support from the US bankruptcy courts for the proposed buyout schemes, which is seen as a precondition for the buyout proceedings moving forwards.

Recent severe European windstorm activity from storms Dudley, Eunice and Franklin (Ylenia, Zeynep and Antonia) could drive losses of as much as EUR 5 billion for German, UK and Dutch insurers, Fitch Ratings has warned, but reinsurance could take the lions share.

Andrew Barnard and Brent Slade, the two most senior executives from Lodgepine Capital Management Limited, the in run-off start-up retrocession investment manager owned by Markel Corporation, are departing the company.

The insurance-linked securities (ILS) market has long designed its risk transfer products and solutions using the insights gleaned from the outputs of catastrophe risk models, but in the future a “digital twin” could be a far more intuitive solution that can drive significant ILS innovation, we believe.

Forecasts for insurance and reinsurance market losses from the recent spell of severe European windstorms are heading towards EUR 3 billion (approx. US $3.4bn), as reports coming from the UK, Germany and the Netherlands alone get close to that number.

Descartes Underwriting, the insurance technology (insurtech) focused managing general agency (MGA) that specialises in parametric and data-driven risk transfer products, is partnering with Reask, a climate analytics and data company that uses machine learning techniques.

Arbol, the technology-led underwriter of parametric risk transfer, climate and weather insurance business, has reported transacting an impressive $70 million in gross premium through its first full-year of operations in 2021.

New data provides clear support for why the insurance-linked securities (ILS) market has always been so interested in cyber risks as an avenue of market expansion, as reinsurance broker Gallagher Re predicts cyber reinsurance premiums will overtake property catastrophe reinsurance before 2040.

Insurance giant Allianz has significantly expanded its aggregate catastrophe reinsurance protection, adding EUR 200 million of cover to take the excess-of-loss treaty to EUR 500 million in size for 2022, as the company looks to reduce volatility in its results and cap its catastrophe losses.