reinsurance

With the United Kingdom battered by another storm overnight, PwC UK has provided an estimate for the insurance market losses from recent storm Babet which it believes will be between £450 million and £650 million.

Markel has reported that it recognised a $25 million credit loss against a fraudulent $50 million letter of credit (LOC) for reinsurance provided by insurtech Vesttoo, and suggested a chance that more could come with a second LOC also found fraudulent.

Enact Mortgage Insurance has returned to the insurance-linked securities (ILS) market for the first time in over two years, seeking just under $248 million of collateralized mortgage reinsurance protection from an issuance of Triangle Re 2023-1 Ltd. mortgage insurance-linked notes.

AXIS Capital, the Bermuda based specialty insurance and reinsurance company, ceded more premiums to third-party investors in the third-quarter of 2023, as its new Monarch Point Re casualty ILS vehicle started its build-out.

In the last quarter of record, Nephila Capital unlocked some side pocketed capital and this caused an increase in insurance-linked securities (ILS) revenues reported by parent Markel, while premiums ceded to Nephila’s reinsurers are on the rise, even as assets under management declined further.

Bermuda based reinsurance firm and third-party capital management specialist RenaissanceRe saw the fee income earned through its Capital Partners joint-ventures and ILS funds soar in the third-quarter, as management fees rose on the back of higher assets, while performance fees roared back in the period.

Rating agency AM Best has noted that there are signs of increasing appetite for property catastrophe reinsurance, saying that capacity to service that part of the market may be close to a “positive inflection point.”

Allied World Assurance Company (AWAC), the global insurance and reinsurance company that is part of the Fairfax Financial group, has returned to the catastrophe bond market looking to renew its maturing deal, seeking a larger $250 million of protection with this 2001 CAT Re Ltd. (Series 2023-1)  transaction.

Data analytics and technology specialist Verisk has provided an insurance industry loss estimate for hurricane Otis’ impacts in Mexico, saying that it believes the total will fall somewhere between US $3 billion and US $6 billion.

RenaissanceRe, the Bermuda based reinsurance and third-party capital management specialist, has now completed its acquisition of the Validus reinsurance business from AIG, including the insurance-linked securities (ILS) unit AlphaCat.