reinsurance

Insurance and perhaps reinsurance market losses from a spate of Severe Convective Storm (SCS) activity that struck the Central and Southern United States between June 10th and 19th are now estimated at around $5.5 billion, according to catastrophe modeller Karen Clark & Company (KCC).

Tropical storm Bret formed in the Atlantic yesterday, becoming perhaps the earliest storm to form so far east, which experts are saying has been fuelled by the exceptional sea surface temperatures seen in the basin.

Fidelis Insurance Holdings Limited, the specialty insurance and reinsurance firm launched by Richard Brindle, has launched its awaited New York initial public offering (IPO), as the company seeks new capital to fund additional expansion into the hard market conditions.

Two tranches of the Caelus Re catastrophe bonds sponsored by US primary insurance giant Nationwide Mutual Insurance Company that have been considered at-risk of facing a complete loss since 2021 have now had its maturity date extended by one month, as the carrier looks to finalise its reinsurance recoveries from prior years, we understand.

Randolph Re, insurance and reinsurance broker Aon’s private catastrophe bond issuance and placement platform, has completed a EUR 100 million private cat bond transaction, Randolph Re (Groupama), for Paris headquartered insurer Groupama.

Broking giant Marsh has noted that capacity is increasingly an issue and alongside losses this has served to drive US property insurance rate increases higher in the first-quarter of 2023.

The City of Zurich Pension Fund has continued to increase its allocation to the insurance-linked securities (ILS) asset class in 2022, with the total reaching over US $700 million by the end of the year.

Vermont Mutual Insurance Company looks set to secure its latest catastrophe bond at reduced pricing, as the spread for the new $100 million Baldwin Re Ltd. (Series 2023-1) cat bond issuance has now been reduced to the low-end of initial guidance.

Here are the ten most popular news articles, week ending June 18th 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.

Participants in the global insurance and reinsurance industry need to consider alternative capital and insurance-linked securities (ILS) as a “core part of their capital management strategy” to deliver on promises of plugging protection gaps, enhance relevance to clients and make their reinsurance purchases more efficient, consultants at McKinsey have said.