Pangaea Reinsurance Ltd

Craig Hupper, an executive from global reinsurance company TransRe who is well-known and liked in the insurance-linked securities (ILS) community, is set to retire from the firm at the end of this year, Artemis has learned.

TransRe, the reinsurance underwriting brand of the Alleghany Corporation, has continued its pull-back from property catastrophe reinsurance exposures during the second-quarter of the year, with another 17.2% reduction in premiums.

TransRe, the reinsurance underwriting brand of the Alleghany Corporation, slashed its catastrophe exposures at the January 2022 renewals, making a move to reduce exposure after a number of challenging years where cat losses have dented its performance.

Clear signals on the price adequacy of property catastrophe risks, under the shadow of rising climate exposures, continue to come to light, with the latest being the final letter from Alleghany CEO Weston Hicks to his shareholders.

Reinsurance firm Transatlantic Re, or TransRe for short, said that it was disappointed with the rate rises experienced at the January 2018 renewals, but noted that should rates rise further throughout 2018 it could deploy more third-party capital, alongside its own capacity.

Weston Hicks, the President of re/insurer Alleghany, has likened the world of efficient alternative reinsurance capital to Frankenstein’s monster, describing the market as untested against the “big one” and problematic because of potential incentive misalignments.

TransRe Capital Partners, the unit of reinsurance firm TransRe formed in 2013 to deal with its third-party capital market activities, now has approximately $500 million in its collateralised reinsurance sidecar, according to Alleghany President Weston Hicks.