reinsurance

Brazil’s regulations for “Letra de Risco de Seguro”, or LRS which translates to Letter of Insurance Risk and are effectively insurance-linked securities (ILS) laws, are seen as a positive step for the local re/insurance market and already some activity is expected to be seen, according to Fitch Ratings.

US primary insurer Travelers has purchased a larger reinsurance program at the mid-year renewal season, adding more cover from its northeast catastrophe reinsurance protection. But its reinsurance retentions have increased, and Travelers has also lifted its catastrophe bond attachment higher up the tower.

The latest estimate of insurance market losses in the United States after hurricane Beryl comes from the Extreme Event Solutions group at Verisk, who put US onshore wind-only losses from the hurricane at between $2 billion and $3 billion.

According to insurance and reinsurance broker Aon, global insured losses from natural disasters will come in above $58 billion for the first-half of 2024, which is well-above the 21st century average, but lower than the last three years when adjusted for current prices.

Swiss Re has appointed employee Chris Minter as the new Head of its Alternative Capital Partners (ACP) division, as incumbent to the position Philipp Rüede is departing the global reinsurance company.

Senior leadership executives from Marsh McLennan and its reinsurance broking unit Guy Carpenter explained today that the catastrophe bond and insurance-linked securities (ILS) market has helped in meeting rising client demand for property catastrophe coverage.

Aeolus Capital Management Ltd., the reinsurance and insurance-linked securities (ILS) investment fund manager, has announced the appointment of weather and climate meteorologist Dr. Chris Hennon as Senior Research Scientist.

US primary insurer Allstate has reported what some analysts are calling lower than expected catastrophe losses for June 2024, with just $230 million announced pre-tax for the month. But the second-quarter 2024 total has now risen to $2.1 billion, which is a relatively heavy start for the annual aggregate year of its catastrophe bonds.

Everest Group, the global re/insurance company, has announced the launch of Mt. Logan Capital Management, Ltd. (MLCM), marking a transformation of its existing alternative capital and insurance-linked securities (ILS) investment offering into a multi-vehicle third-party reinsurance capital management platform.

Some $60.5 million of the Seaside Re private catastrophe bond transactions facilitated by global reinsurance firm Hannover Re have now been allowed to mature, reducing the amount outstanding with their maturity dates extended to $78.25 million and those remaining have had their maturity dates pushed further out to October.