reinsurance

Consultancy Lane Financial LLC has published an interesting paper where they analyse insurance-linked securities (ILS) ( catastrophe bond) market actual losses based on indicative pricing, versus modelled expected losses and global industry views, finding that the actual may underplay the expected, leading them to conclude the market remains inefficient.

Florida’s Citizens Property Insurance Corporation is asking the regulator to approve average rate increases of 14.2%, to cover off rising costs, including from reinsurance, and to bring its rates closer to the private market.

Over the last wake an outbreak of severe convective storms in the United States that also included the deadly tornado event that devastated the towns of Rolling Fork and Silver City in Mississippi are together anticipated to drive hundreds of millions of dollars worth of insurance market losses, according to Aon.

Allianz Re, the global reinsurance unit of the Allianz group, has announced the hiring of Sang Hun Park as its new Global Head of Retrocession, with Park rejoining the company after a stint at Munich Re Capital Partners.

Apollo Global Management, the giant investor, private equity specialist and owner of life and retirement reinsurance company Athene, has entered into a novel insurance-linked investment agreement with Reinsurance Group of America, funding a reinsurer subsidiary called Chesterfield Re to the tune of $500 million.

The London insurance market has a muted appetite for US catastrophe risks in 2023, according to data from a survey undertaken by international insurance broker Howden.

Alex Conyers of investment management firm Neuberger Berman suggests that he is “super excited” about the opportunities and solutions the insurance-linked securities (ILS) space brings to the table amid global economic and environmental uncertainty.

The government of the Philippines is reported to be back seeking indemnity insurance protection for critical infrastructure and this is said to be being pursued instead of a renewal of its World Bank catastrophe bond, according to Bloomberg.

Asia Pacific reinsurance buyers have been facing the same renewal pressures as seen at the beginning of the year, at April 1st, but the supply-demand dynamic has moderated somewhat, according to Aon Reinsurance Solutions APAC CEO George Attard.

Convex Group, the specialty insurance and reinsurance company, has now successfully executed on its latest catastrophe bond, with the new Hypatia Ltd. (Series 2023-1)  issuance coming in 50% larger than the initial target to provide $150 million of protection, while the notes were priced around 22% below the initial mid-point of spread guidance.