reinsurance

According to Jay Madhu, the Chairman and Chief Executive Officer of Cayman headquartered reinsurer Oxbridge Re, the firm’s first series of tokenized reinsurance sidecar securities are set to deliver investors a 45% return, surpassing the initial expectation of 42%.

Zenkyoren, the Japanese National Mutual Insurance Federation of Agricultural Cooperatives, has returned to the catastrophe bond market in search of $150 million or more in aggregate earthquake reinsurance protection from the capital markets through a Nakama Re Pte. Ltd. (Series 2024-1) deal.

First-time catastrophe bond sponsor Allied Trust Insurance Company has now secured the targeted $100 million in fully-collateralized reinsurance from its debut Sabine Re Ltd. (Series 2024-1) catastrophe bond issuance, but settlement of the deal has been pushed back slightly into April, Artemis has learned.

An increasing number of forecasters and meteorologists say to expect a very busy 2024 Atlantic hurricane season, with conditions looking primed for high levels of tropical cyclone activity and WeatherTiger’s models indicate a 75% chance the hurricane season will count as hyperactive, while its model also suggests elevated landfall risk for the United States.

According to global reinsurance firm Swiss Re, the occurrence of medium-severity insured loss events has risen by 7.5% since 1994, at almost double the 3.9% increase in catastrophes generally, and the company warns that insured losses could double within the next ten years.

Capital continued to rotate from one insurance-linked securities (ILS) instrument to another in 2023, but AM Best analysis suggests some sectors may becoming better primed for growth through 2024.

Brookfield Corporation, the alternative investment manager and multinational from Canada, has now finalised its debut $100 million Aragonite Re Ltd. (Series 2024-1) catastrophe bond, securing the capital markets backed property insurance coverage priced below the initial guidance.

MS&AD Insurance Group Holdings has now secured the upsized $200 million in multi-year and multi-peril Japanese catastrophe reinsurance protection from its new Tomoni Re Pte Ltd. (Series 2024-1) catastrophe bond issuance, with the notes priced at the mid-points of the initial guidance, Artemis has learned.

Global reinsurance broker Guy Carpenter has announced the hiring of well-known Bermuda market senior underwriting leader Ben Savill as its new CEO of Pacific.

After a hearing held on Friday in the Supreme Court of Bermuda, an order has been filed that sanctions the settlement agreements that had been proposed under the Vesttoo Chapter 11 bankruptcy and approval was given for the joint provisional liquidators (JPL’s) to Aon’s White Rock to remove their objections to the plan.