reinsurance

Slide Insurance Company has returned to the catastrophe bond market for its second time, seeking another $100 million in named storm reinsurance protection through a Purple Re Ltd. (Series 2023-2) transaction.

Allstate, the large U.S. primary insurer, has reported catastrophe losses for the month of May of an estimated $893 million, slightly higher than the $872 million reported in April.

An outbreak of hailstorms in Texas from severe convective weather in June is expected to drive more than $1 billion in insurance industry losses, according to catastrophe modeller Karen Clark & Company (KCC).

One of the interesting trends seen in the catastrophe bond market through recent years and a clear reaction to loss activity experienced, is the shift away from aggregate cat bond coverage, back towards per-occurrence structures becoming the more dominant form seen.

Reask, a tech company that provides catastrophe modelling, climate analytics and data using machine learning techniques and artificial intelligence, is set to expand to the United States and will use the now $6.55 million seed funding it has accumulated, as it looks to expand its extreme weather modelling services.

Mt. Logan Re, Bermuda-based re/insurer Everest’s collateralized reinsurance investment vehicle, has announced the addition of Charles E.F. Millard as a Non-Executive Independent Board Director, as well as the retirement of long-serving Board member Frank Lopapa.

Elementum Advisors, LLC, the insurance and reinsurance linked asset manager, is seeing investor interest across the insurance-linked securities (ILS) instrument spectrum and has won three new mandates in the first-quarter of 2023, White Mountains CEO Manning Rountree said recently.

The approval of two carriers to takeout policies from Florida’s property insurer of last resort, Citizens Property Insurance Corporation, right in the middle of the hurricane season, shows there are risks that are viewed as attractive within the Citizens portfolio, while these semi-seasoned risks can even be an easier win than finding and writing new […]

The Global Shield Solutions Platform (GSSP), a new multi-donor grant facility and one of the core financing vehicles of the Global Shield, has officially been launched to help vulnerable countries effectively address loss and damage exacerbated by climate change.

Australian insurance giant IAG is expecting to go over its natural perils budget again this financial year, despite having revised it higher after weather losses already suffered, while higher reinsurance costs are cited as a significant driver of its desire to continue making inward rate.