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Retrocession market adjusting to renewed focus on risk

The market for retrocessional reinsurance has been one of the most capital constrained and loss impacted over the last few months, which has resulted in an adjustment to priorities for those writing retro covers, while buyers are having to adapt to the demands of capital. The retrocession renewals were some of read the full article →

Catastrophe retro rates up 15% at renewals, 75% since 2017: Howden

According to international broking group Howden, non-marine catastrophe retrocession rates-on-line for excess-of-loss coverage rose by an average of 15% at the key January 1st 2022 renewal season, outpacing property catastrophe treaty reinsurance rates-on-line by around 6%. Including the latest rate increases, Howden now estimates that non-marine catastrophe retrocession rates are up read the full article →

ILS capital expands in 2021, but up to 5% of reinsurance trapped: GC & AM Best

Alternative reinsurance capital levels in the global industry grew 3.7% over the course of 2021, outpacing the 2.7% growth of traditional reinsurance industry capital, according to the latest estimate from broker Guy Carpenter and rating agency AM Best. However, within the overall dedicated reinsurance sector capital estimate of $534 billion at read the full article →

Property catastrophe rates up 10.8% at January 2022 renewals: Guy Carpenter

Property catastrophe reinsurance rates and pricing rose by 10.8% year-on-year at the January 2022 reinsurance renewals, which broker Guy Carpenter explained saw a market that bifurcated between loss-affected and non-loss affected programs. Overall, the January 2022 reinsurance renewals saw a "healthy but bifurcated" market, with reinsurers responding to the challenges posed read the full article →

Property catastrophe rates to see double-digit increases in 2022: Fitch

Property catastrophe reinsurance rates are expected to increase by double-digits in 2022, as reinsurers absorb and then react to the costs of more natural catastrophe loss events that are deemed linked to climate change, according to rating agency Fitch. "We expect double-digit percentage premium rate rises for property catastrophe cover in read the full article →

BMS Re gets property cat expansion as it completes Trean acquisition

Insurance and reinsurance broking group BMS has successfully expanded its US property catastrophe reinsurance broking footprint, as its BMS Re division has now completed its acquisition of Trean Intermediaries. Part of the motivation for the acquisition was to add to BMS' property catastrophe reinsurance broking capabilities in the United States. “The acquisition read the full article →

BMS Re acquires Trean to “cement” property cat reinsurance broking position

Insurance and reinsurance broking group BMS is expanding its US property catastrophe reinsurance broking footprint, as its BMS Re division has acquired Trean Intermediaries. Trean Intermediaries emerged in 2013 as a joint venture with Trean Corporation and has specialisms in workers’ compensation, property and casualty, accident and health, personal auto, public read the full article →

AXA shows pandemic BI impacts continue, with EUR300m settlement

This morning, global insurance company AXA has shown that business interruption impacts from the COVID-19 pandemic continue to be felt, with the company announcing a EUR 300 million settlement offer for French restaurants. Calling it an "amicable solution", AXA France said that it is "offering a clear financial solution to the read the full article →

Aggregation uncertainty over UK BI ruling and reinsurance losses: Fitch

The recent ruling from the UK Supreme Court, that found largely in favour of insurance policyholders in the Financial Conduct Authority’s (FCA)’s business interruption insurance test case appeals, is not expected to drive significant additional losses through to reinsurance, Fitch Ratings has said. While some reinsurance panels will definitely be affected, read the full article →

RSA & QBE say reinsurance to cover new BI claims after Court ruling

After Friday's ruling from the UK Supreme Court found largely in favour of insurance policyholders in the Financial Conduct Authority’s (FCA)’s business interruption insurance test case appeals, insurance carriers RSA Group and QBE, have said that at least a portion of the increase in gross pandemic losses due to the read the full article →