reinsurance

Florida’s Citizens Property Insurance Corporation is back in the catastrophe bond market with a dual-series issuance of Everglades Re II Ltd. (Series 2023-1 & 2023-2) notes, seeking collateralized reinsurance for both its Coastal and Personal Lines Accounts for the upcoming wind season only.

USAA, the primary military mutual insurance company, could double the targeted size of its 40th catastrophe bond under the Residential Re name, now seeking up to $400 million in multi-peril reinsurance protection from the Residential Reinsurance 2023 Limited (Series 2023-1) issuance.

Markel Corporation has announced the hiring of Amandeep Dhillon as Managing Director, Global Head of Catastrophe and Exposure Management, who joins the company from his most recent position as a senior ceded reinsurance officer at AIG.

Global reinsurance giant Hannover Re continued to expand the volume of collateralised business that it acts as a front or transformer for in 2022, with ceded limit rising 36% to almost EUR 6.2 billion for the year.

The fact RenaissanceRe continued to raise third-party investor funds for its Capital Partners business through 2022 and into 2023 demonstrates that this is a permanent part of the reinsurance firm’s capital base, CEO Kevin O’Donnell explained recently.

Following a number of challenging years for insurance-linked securities (ILS) managers, current market conditions now look more positive, which has led White Mountains CEO Manning Rountree to explain of the ILS manager it has an ownership stake in, Elementum Advisors, that “tailwinds” are now emerging.

The PERILS Industry Exposure Database (IED) 2023 highlights the impact of inflationary developments on exposures, revealing sums insured for European windstorm increased by 11.7% year-on-year at constant EUR exchange rates.

Palomar Insurance Holdings is back in the catastrophe bond market for its fourth issuance, seeking $150 million or more in US earthquake reinsurance from the capital markets with this Torrey Pines Re Ltd. (Series 2023-1) issuance.

Louisiana Citizens Property Insurance Corporation, the non-profit residential and commercial property insurer for those who cannot access private market insurance in the state, is back in the catastrophe bond market, seeking $150 million of named storm reinsurance through a Bayou Re Ltd. (Series 2023-1) deal.

The fact trial lawyers have dumped tens of thousands of lawsuits into the Florida courts in March, just before the state’s tort reform legislative overhaul kicked in, adds another threat to the already challenged Florida insurance market, the Insurance Information Institute (Triple-I) has said.