reinsurance

Global Parametrics, the parametric and index-based disaster risk transfer specialist owned by CelsiusPro AG, has mobilised some of the risk capacity to support the renewal of a parametric tropical cyclone insurance cover for the Mexican state of Quintana Roo, via the Natural Disaster Fund (NDF).

Industry insured losses from severe convective storms in the United States have already exceeded $31 billion, which makes 2024 one of the top-4 most costly years for the peril already, according to Steve Bowen, Chief Science Officer at reinsurance broker Gallagher Re.

Velocity Risk, the catastrophe exposed property insurance specialist E&S managing general agency (MGA) and holding company, has partnered with Louisiana State University to develop a Gulf of Mexico focused hurricane risk model, with the forecast for the 2024 season being that the region will see 12 storms.

Markel has announced the promotion of Phil Schmidt to the role of Chief Strategy Officer, a position that will see him tasked with leading initiatives that bring together and realise synergies from the insurance and reinsurance related units of the company, including insurance-linked securities (ILS) operation Nephila Capital.

The agenda is now complete for our upcoming catastrophe bond and insurance-linked securities (ILS) market conference in Singapore, ILS Asia 2024, which takes place on July 11th at the Suntec Convention Centre. Register soon if you want to join us.

The hard market in reinsurance is different this time around, with no evident lack of capital or capacity and this is just one factor that has meant we aren’t seeing a wave of new reinsurance startups, something broker Gallagher Re’s Brian Shea says is likely to persist, except perhaps in the casualty space.

Bermuda-headquartered specialty insurer and reinsurer, AXIS Capital, recently hired Matthew Galbraith, formerly of Parameter Climate and TigerRisk Partners, as an insurance-linked securities (ILS) Analyst.

CatX, a digital catastrophe and parametric risk exchange start-up, has announced that James Robinson, a Bermuda-based technology expert who previously worked in data science at re/insurer Hamilton, has been appointed to the CatX Bermuda board.

SCOR, the France-headquartered global reinsurance company, continues to build out its risk partnership and third-party capital capabilities, with the latest hire to come to light being Tony Nguyen, an experienced insurance-linked securities (ILS) structuring and investment banking executive who joins the reinsurer from Goldman Sachs.

Hannover Re, the German global reinsurance company, has now successfully upsized its latest retro catastrophe bond, securing $140 million of retrocessional cover from the 3264 Re Ltd. (Series 2024-1) issuance.