reinsurance

Lemonade, Inc., the high-profile insurtech, has successfully renewed its reinsurance program for the year ahead, keeping its quota share cession flat this time at 55%, but seeking efficiencies elsewhere by adding both Cayman and Bermuda based captive reinsurance structures.

The World Bank Group said today that it intends to build on its already available catastrophe insurance solutions, such as catastrophe bonds, to make access to disaster risk financing without adding debt a reality for member countries.

Insurance and reinsurance broking group Aon believes that artificial intelligence and prescriptive analytics for automated decision-making could be drivers for the creation of over $100 billion of new insurance premiums.

Accelerant, the insurtech that helps members exchange or transfer risk more effectively and connects them with long-term capital, has launched what it is calling a Risk Exchange that can help members access risk capital, including from institutional investors.

Investment giant Blackstone has returned to the catastrophe bond market for the second time, seeking a $250 million or greater source of multi-peril and indemnity based catastrophe insurance protection for risks held by its real estate funds, from this Wrigley Re Ltd. (Series 2023-1) cat bond deal.

NJM Insurance has increased its appetite for named storm reinsurance from the capital market with its new catastrophe bond, now aiming for up to $275 million in protection with the Lower Ferry Re Ltd. (Series 2023-1) issuance.

According to the Insurance Council of New Zealand, insurers have now paid $1.08 billion of an estimated $3.18 billion of claims after the two climate disasters that affected the country this year, the Auckland Anniversary Weekend floods and Cyclone Gabrielle.

The gap between natural catastrophe exposure and how much of it is covered by insurance has widened in dollar terms, with the natural catastrophe protection gap now seen to be $368 billion by global reinsurance firm Swiss Re, who also says that catastrophe bonds and resilience bonds are valuable tools to deploy.

Global insurance and reinsurance group AXA has increased its appetite for European windstorm reinsurance protection through the new Eiffel Re Ltd. (Series 2023-1) catastrophe bond issuance, with the deal now targeted at up to €150 million in size.

The recently launched and still in the market Acorn Re Ltd. (Series 2023-1) parametric earthquake catastrophe bond transaction has had its target lifted to now as much as $175 million, while at the same time the pricing has been slashed.