reinsurance

During the last quarter of record, Universal Insurance Holdings, the Florida headquartered primary insurance carrier that has become a bellwether for signals of appetite for risk in the state and use of reinsurance by the state’s carrier cohort, began to grow its book again despite its reinsurance not responding to hurricane Idalia.

For global insurance and reinsurance group Everest, the Mt. Logan Re Ltd. third-party capital vehicle is having a strong year, with over $250 million of new capital raised and its assets under management approaching $1.1 billion.

This video features the final session of the day at our Artemis ILS Asia 2023 conference held in Singapore on July 13th 2023, a panel discussion with experienced insurance-linked securities (ILS) investment managers on the state of the market, in Asia Pacific and globally, as well as giving their ILS outlook.

Hurricane Otis slammed into Mexico’s Pacific coast yesterday morning as a significant category 5 storm with sustained winds of 165 mph and has caused significant damage, but its rapid intensification was missed by all the major weather models, which RMS’ James Cosgrove calls a “monumental” miss.

At a meeting this week of the trustees of the Florida State Board of Administration, the planned asset allocation target changes for the near $190 billion Florida Retirement System pension fund were approved, with insurance-linked securities (ILS) set at 1%.

Everest Group reported quarterly results that show ongoing expansion into the hard property catastrophe reinsurance market, where the company says pricing continues to rise at more than 30%, while terms and conditions are still improving.

Boost Insurance, a company that has developed technological infrastructure for the insurance market to streamline participation, including to connect reinsurance capital with programs and portfolios, has launched Boost Re, a US domiciled captive structure the cells of which it will enable alternative capital providers to deploy capacity through.

There is a “high probability” that holders of the $125 million Pacific hurricane tranche of the Mexican government’s IBRD / FONDEN 2020  catastrophe bond face a 50% loss of notional, which would equate to a $62.5 million loss for the cat bond market, investment manger Plenum has explained.

Commenting on the state of the global reinsurance market, analysts at BofA Securities Inc. believe that, while the hard market is deemed “here to stay”, reinsurers may now be more focused on further restructuring than price at the January renewals.

The global reinsurance market is still facing an imbalance between the rising demand for protection being seen and the fact inflows of capital to the sector remain sluggish, something Munich Re is not expecting to reverse any time soon, one of its executives said last week.