reinsurance

At this time of year, all thoughts turn to the mid-year reinsurance renewals, particularly those for Florida, and in 2023 it’s expected to be a particularly interesting few months, with signs of competitive tactics already emerging.

Jean-Louis Monnier, a long-standing insurance-linked securities (ILS) focused senior executive at global reinsurance giant Swiss Re, has been named Global Head of ILS, as the firm’s Alternative Capital Partners (ACP) reassigns some responsibilities.

New Zealand’s Toka Tū Ake EQC, also known as the Earthquake Commission, has entered the catastrophe bond market for the first time, seeking NZ $250 million (around US $156m) of multi-peril reinsurance from the capital markets with a Totara Re Pte. Ltd. (Series 2023-1) issuance.

The North Carolina Insurance Underwriting Association (NCIUA) has now secured the 75% upsized target of $350 million in named storm reinsurance protection from its new Cape Lookout Re Ltd. (Series 2023-1) catastrophe bond, that has been priced around 12% below the mid-point of initial guidance.

Zenkyoren, the Japanese National Mutual Insurance Federation of Agricultural Cooperatives, has now secured its new Japanese earthquake catastrophe bond Nakama Re Ltd. (Series 2023-1) to provide $225 million of reinsurance protection, while pricing settled at a reduced level compared to guidance.

Here are the ten most popular news articles, week ending April 16th 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.

U.S. primary insurer Nationwide Mutual Insurance Company has returned to the catastrophe bond market for the first time since 2020, seeking $150 million or more in multi-peril US catastrophe reinsurance from the capital markets, with an Aquila Re I Ltd. (Series 2023-1) transaction.

The renewals of US focused reinsurance programs and treaties at April 1 were more orderly than those seen at January, but the rate increases for catastrophe risk exposed towers were still significant, ranging from 30% to 100%, according to Gallagher Re.

SafePort Insurance Company and SafeChoice Insurance Company, two carriers linked to coastal property managing general underwriter SageSure, have now secured $125 million of named storm reinsurance protection with their debut Gateway Re II Ltd. (Series 2023-1) catastrophe bond.

Insurance and reinsurance broker Aon’s Impact Forecasting division has issued a preliminary estimate for first-quarter 2023 insured global catastrophe losses, putting the total at around US $15 billion and saying severe convective storms were the main driver.