reinsurance

This morning we are delighted to announce the first speakers that will be joining our next catastrophe bond and insurance-linked securities (ILS) market conference in London on Tuesday September 3rd. Early Bird tickets for Artemis London 2024 are still available, so register soon to secure the best price attendance.

RenaissanceRe, the Bermuda based reinsurance and third-party capital management specialist, has reported its highest ever quarterly fee income from third-party capital and insurance-linked securities (ILS) activities, as higher assets under management (AUM) and strong performance drove a 48.3% year-on-year increase.

According to sources, the $40 million Astro Re Pte. Ltd. (Series 2021-1) catastrophe bond, sponsored in 2021 by U.S. primary insurance group First Protective on behalf of itself and subsidiary Frontline Insurance, has been marked down in the secondary market, on concerns over exposure to rising losses from 2022’s hurricane Ian.

The Bermuda Stock Exchange (BSX) maintained its dominant position in providing a venue for the listing of catastrophe bonds and insurance-linked securities (ILS) in the first-half of 2024, with the total value of all ILS securities listed on the exchange rising further to $59.74 billion at the end of the period.

Global commercial insurance rates were flat in the second quarter of 2024, according to broker Marsh’s latest analysis and while the rate experience is mixed across the globe in property risks, in the United States it is starting to even show decreases in peak catastrophe exposed zones.

Parametrix, a specialist in parametric cloud downtime cyber insurance and reinsurance protection, has issued an estimate for the insurance industry loss caused by the CrowdStrike linked global IT outage, saying it anticipates insured losses falling in a range of $540 million to $1.08 billion.

The broadly diversified portfolio of insurance-linked securities (ILS) and reinsurance investments managed by pension investment firm PGGM on behalf of end-client the Dutch pension PFZW, has returned 5.5% over the first-half of 2024.

Typhoon Gaemi has intensified into a strong Category 4 equivalent storm with sustained winds of 140 mph and gusts to near 170 mph. The storm is expected to track close to the capital Taipei and will be one of the most intense to hit the eastern region of Taiwan in some years.

Analysts at Berenberg have said today that because of the nature of specialty re/insurer Beazley’s cyber book of business, they do not feel its losses from the CrowdStrike linked IT outage will be significant and expect them to come in well below where the PoleStar Re cyber catastrophe bonds attach.

As hurricane Beryl travelled across the Caribbean towards Jamaica, Mexico and Texas, there were minor movements in the share prices of some US mutual catastrophe bond and insurance-linked securities (ILS) funds.