reinsurance

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.

SiriusPoint Ltd., the global specialty re/insurer, has announced the hiring of well-known reinsurance buying focused senior executive Inmaculada Gonzalez, who will join the company as its Global Head of Ceded Reinsurance, effective August 19th 2024.

Reflecting the seriousness of the CrowdStrike related global IT outage, leading cyber insurer Beazley has provided an update to the market saying that it does not expect any change to its combined ratio guidance after this event.

Collateralized capital markets backed reinsurance capacity and insurance-linked securities (ILS) fund managers have taken roughly two-thirds of Florida Citizens traditional reinsurance tower at the recent renewals, with Nephila Capital remaining the largest of those markets.