insurance

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.

Insurance and reinsurance markets are facing losses into the billions after the impacts of two severe European windstorms, Dudley (Ylenia) and Eunice (Zeynep), while the jet stream continues to drive low pressure systems across the Atlantic and towards the continent.

Investors in the Markel CATCo retrocession and reinsurance investment funds are being urged to vote in favour of moving the buy-out process forwards at meetings to be held on March 4th, putting the end of this chapter in sight.

The Government of Viet Nam, through its Ministry of Finance, has signed a Memorandum of Understanding (MoU) to become the eighth member of the Southeast Asia Disaster Risk Insurance Facility (SEADRIF).

At the key January 2022 reinsurance renewals, American International Group (AIG) renewed more than $12 billion of limit across numerous treaties and CEO Peter Zaffino said the company achieved significant improvements to its protection, while also modestly reducing spend.

A settlement is being negotiated between parties in a Florida fraud lawsuit lawsuit involving former CATCo CEO Tony Belisle, with the proceedings stayed until May to allow for the negotiations to continue.

The African Risk Capacity (ARC) will make a US $10.7 million payout to the Government of Madagascar after recent severe tropical cyclone Batsirai triggered the coverage the country has from the parametric insurance risk pooling facility.

Parametric risk transfer specialist New Paradigm Group, LLC has announced the hiring of industry veteran Mark Groenheide as Senior Vice President & Director of Specialty Insurance Programs.

At a directions hearing held in a Bermuda Court yesterday, the judge ruled that meetings of buy-out scheme creditors in the Markel CATCo Investment Management operated retrocessional reinsurance funds be held.