reinsurance

Whatever the form of capital, be it from insurance-linked securities (ILS) investors or elsewhere, one good year of performance is not going to be enough to entice a significant volume of capital into the reinsurance industry, according to executives at Bermuda-based Lancashire Holdings.

The rebuilding cost of the devastating wildfire in Hawaii that has burned the historic town of Lahaina has been estimated at $5.52 billion, with now 2,207 structures reported to have been destroyed.

In the ongoing court case that sees insurance and reinsurance broking giant Aon, via its White Rock SAC vehicle, pursuing beleaguered insurtech Vesttoo for reparations after letters of credit (LOCs) backing collateralized reinsurance deals were alleged to be fraudulent or forged, the broker is seeking a $136.7 million return of collateral.

Here are the ten most popular news articles, week ending August 13th 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.

The US weather service NOAA has effectively doubled its forecast outlook for activity in the 2023 Atlantic hurricane season, now predicting a 60% chance of an above normal season, double its 30% prediction from back in May.

By the end of the first-half of 2023, global re/insurer QBE had received $1.144 billion of reinsurance recoveries, up a significant 174% on the prior year period.

A new statement from the incoming interim CEO of Vesttoo, Ami Barlev, claims that the company has now learned that “a number of factors, external to the company, led directly to the current crisis, including the involvement of certain foreign banks and financial institutions.”

The devastating wildfires in Maui, Hawaii are not expected to have any significant impact on the catastrophe bond market, specialist investment manager Plenum Investments has said.

Insurance and reinsurance broking giant Aon is pursuing beleaguered insurtech Vesttoo through a New York Court via its White Rock Insurance (SAC) Ltd. segregated account and transformer structure, and has so far secured a temporary restraining order to freeze Vesttoo’s funds.

In analysing US insurer filings for their use of letters of credit (LOCs) specifically from one of the banks at the centre of the Vesttoo linked collateral fraud story, ALIRT Insurance Research found more than $1.3 billion of them, but said it is hard to tell how much of that is associated with Vesttoo, or […]