reinsurance

The Insurance Council of New Zealand (ICNZ) has recorded more than 40,000 claims for Cyclone Gabrielle totalling approximately $890 million, of which roughly $70 million has been paid.

We’ve learned that a new catastrophe bond has been launched that aims to provide its reinsurance protection to two more of the insurers linked to coastal property managing general underwriter SageSure, with a $100 million or greater target set for the Gateway Re II Ltd. (Series 2023-1) cat bond issuance.

Security First Insurance Company, the Florida domestic homeowners insurer, has again seen the guidance pricing drop for its new First Coast Re IV Ltd. (Series 2023-1) catastrophe bond issuance, with now a ~12% saving targeted through a reduced spread.

The Andover Companies, a large mutual insurance group in the Northeast US, has now priced its debut Locke Tavern Re Ltd. (Series 2023-1) catastrophe bond issuance at the top-end of the target size range of $175 million, while also securing below guidance pricing for the coverage.

We understand that the pricing guidance for Convex Group’s new Hypatia Ltd. (Series 2023-1)  catastrophe bond issuance has been lowered further, as the company targets the best possible execution.

The hard property reinsurance market environment is expected to persist throughout 2023, with rising prices helping to compensate for claims inflation and volatility in financial markets, Fitch Ratings believes.

PCS worked with Ariel Re and the structurer, Howden Tiger Capital Markets & Advisory, of the reinsurer’s Titania Re catastrophe bond issuance to create the innovative carbon offset feature, discusses Tom Johansmeyer, Head of PCS, a Verisk business.

American Integrity Insurance Company of Florida, Inc. has secured its targeted 50% upsize for the Integrity Re Ltd. (Series 2023-1) catastrophe bond issuance, now ensuring the company benefits from $150 million of collateralized Florida named storm reinsurance with the transaction.

In an interview with the Financial Times today, Lloyd’s of London CEO John Neal forecasts significant growth for the global insurance and reinsurance market, with the perception of risk set to drive a potential doubling in spend in a decade.

Howden Tiger, the reinsurance arm of the Howden Broking Group, has brought together its Legacy and Investment Banking operations under the combined leadership of Jarad Madea, CEO, Howden Tiger Capital Markets & Advisory (HTCMA).