reinsurance

In a statement released by the beleaguered insurtech, Vesttoo notes that some of the creditors to its bankruptcy are questioning the independence of the initial investigation, which it only notes “has been commenced”, suggesting it is not yet over and there will be more information to come.

Parametric insurance and data-driven risk transfer specialist managing general agency (MGA) Descartes Underwriting has announced the hiring of Ola Jacob as its new UK & Ireland Business Development Director.

Rating agency AM Best has cited higher reinsurance costs, higher reinsurance retention levels, elevated natural catastrophe and secondary peril costs, as well as rising loss costs, inflation, and supply chain disruptions as reasons it has turned its outlook to negative on the US homeowners insurance sector.

The delta between pricing in insurance-linked securities (ILS) and traditional property catastrophe reinsurance is providing “a clear signal” to the market and provides further competition for peak risks, Aon’s Reinsurance Solutions has said.

The ILS ESG Transparency Initiative has been formed as a new insurance-linked securities (ILS) industry group focused on enhancing environmental, social and governance (ESG) transparency in the ILS market, as the Swiss-based working group of ILS managers expands with the addition of international members.

Under-fire Israeli insurtech Vesttoo, which is at the heart of a letter of credit (LOC) fraud scandal, is now claiming hundreds of millions of dollars back from its two ousted co-founders, as well as persons that worked to source investors, that also have been named as accomplices in the fraud scheme.

According to analysts at KBW, in summing up their takeaways from the recent Monte Carlo Rendez-Vous meeting of the reinsurance industry, the capital flows currently experienced and being anticipated by the industry are not likely to disrupt discipline at the end of year renewals.

Here are the ten most popular news articles, week ending September 17th 2023, covering catastrophe bonds, ILS, reinsurance capital and related risk transfer topics. To ensure you never miss a thing subscribe to the weekly Artemis email newsletter updates or get our email alerts for every article we publish.

Property catastrophe reinsurance business is now deemed to be “broadly” rate adequate for the investors his firm cedes risk to, according to RenaissanceRe CEO Kevin O’Donnell, who also warned that this needs closely watching as any slip away from adequacy could cause capital to exit the space.

One of the talking points at the Monte Carlo Rendez-Vous over recent days was the expectation that more demand for catastrophe reinsurance will emerge at the higher layers of ceding company towers, something which should help to ensure the catastrophe bond market continues to expand.