reinsurance

Miller, the independent and private equity funded broking group, has announced the acquisition of a European capital advisory focused broking business that has operated at the intersection of reinsurance and capital markets, with Marc Hannebert’s 4809 Brokers AG now its third continental European purchase.

Markel has again reported an increase in revenues earned through its insurance-linked securities (ILS) investment management business for the second-quarter of 2024, but manager Nephila Capital’s assets under management (AUM) slipped slightly to $6.6 billion by the end of the first-half of the year.

There were no major changes to Conduit Re’s retrocession arrangements around the middle of this year, but the company is always keeping other third-party capital partnerships such as sidecars under review, CEO Trevor Carvey has explained.

Reinsurance giant Munich Re has estimated that global insured natural disaster losses from the first-half of 2024 reached US $62 billion, which is slightly up on the previous year.

Lockton Re, the reinsurance arm of the independent broking group, has hired Theo Norris from Gallagher Re to become its first Head of Cyber ILS.

AXIS Capital, the Bermuda based specialty insurance and reinsurance company, has continued to recognise higher fee income from its work with third-party investors in the second-quarter of 2024, with more fees earned through risk-sharing relationships with so-called strategic capital partners.

Severe convective storm (SCS) losses in the United States drove insurance and reinsurance market losses of $50 billion to $60 billion in 2023, but while this was above-average, risk modeller Karen Clark & Company warns that annual losses from the peril could be much higher.

More than half of the insurance and reinsurance entities registered by the Bermuda Monetary Authority (BMA) in the first-half of 2024 were destined for catastrophe bond, collateralized reinsurance, or other insurance-linked securities (ILS) use-cases.

Property Claim Services (PCS), the unit of Verisk that is a provider of industry loss estimates and loss data globally, has designated the recent CrowdStrike linked global IT outage as a PCS Cyber Catastrophe Loss Event, meaning industry insured losses are expected to reach above US $250 million, Artemis has learned.

Reinsurance broker Guy Carpenter expects demand momentum in property catastrophe reinsurance buying to persist, after an estimated $35 billion to $40 billion in new limit was already purchased in 2024, with more than 60% of property catastrophe contracts including expanded limit in North America.