reinsurance

Reinsurance broker Gallagher Re has made a key appointment, hiring senior executive Lara Mowery, the Global Head of Distribution at Guy Carpenter, the company confirmed today.

Seasonality has started to become visible in the overall yield of the catastrophe bond market, with the figure sliding slightly in the month of July 2024 to end the period at a still historically very high 13.54%.

Aspen Capital Markets, the third-party and alternative reinsurance capital management unit of global re/insurer Aspen, has lifted its assets under management in third-party capital and insurance-linked securities (ILS) vehicles by 46% over the twelve months to June 30th 2024, to reach a new high of $1.9 billion.

The private insurance market industry loss in the United States after recent hurricane Debby is not expected to exceed $1.5 billion, while additional losses from the National Flood Insurance Program (NFIP) are expected to be less than $300 million, Moody’s RMS Event Response has said.

Ernesto has now become the third hurricane of the 2024 Atlantic tropical storm season and is forecast to intensify to major Category 3 status, before weakening slightly and passing close to Bermuda as a Category 2 storm.

Communications specialist Liberty Latin America is expecting a $44 million payout from parametric weather derivatives after the passage of hurricane Beryl triggered these instruments for the company.

Third-party capital in reinsurance, including that from catastrophe bonds and insurance-linked securities (ILS), could grow by as much as 10% in 2024, with AM Best and broker Guy Carpenter projecting it will be at $105 billion to as high as $110 billion by year-end.

Today, we are announcing more of our expert speakers who will be joining our catastrophe bond and insurance-linked securities (ILS) market conference in London on Tuesday September 3rd. Tickets for Artemis London 2024 are starting to sell fast, so please register soon if you want to attend.

Were it not for the structural changes and adjustments to reinsurance contract terms made over the last few rounds of renewals, the severe convective storm activity in the United States this year would have been far more impactful to reinsurance capital providers, S&P Global Ratings has said.

Catastrophe bond funds in the UCITS format had reached an average return year-to-date of 6.35% by August 2nd 2024, which is the second-highest annual return since the Plenum CAT Bond UCITS Fund Indices started tracking the market in 2011.