reinsurance

London headquartered specialty insurance and reinsurance firm Beazley has significantly expanded its property book of business in the first-quarter of 2023, reporting 56% gross premium growth for that segment of its underwriting portfolio.

Munich Re has again lifted the target size for its new catastrophe bond, with the reinsurer now seeking up to $300 million of US named storm retrocessional reinsurance protection from the Queen Street 2023 Re dac transaction.

France headquartered global reinsurer SCOR is expecting market conditions to remain favourable at the mid-year reinsurance renewals in June and July, as it continues to reposition its portfolio under the backdrop of improving pricing and terms.

Artemis has learned that Chris Caponigro, the Global Head of AXIS ILS, the third party capital unit of Bermuda-based insurer and reinsurer AXIS Capital, is to depart the company this June.

At the fast-approaching June 1st reinsurance renewals, Florida focused insurance carriers are facing a “no-win situation”, with rate increases of as much as 50% expected, according to ALIRT Insurance Research.

During the first-quarter of 2023, RenaissanceRe saw its third-party capital assets under management (AUM) dedicated to property and casualty reinsurance business rise by $400 million, with the total reaching a new high of $6.6 billion in assets managed, at March 31st.

U.S. primary insurer Nationwide Mutual Insurance Company has now secured a doubling in size of its new catastrophe bond, with the Aquila Re I Ltd. (Series 2023-1) transaction set to provide the insurer $300 million of multi-peril reinsurance, while pricing of all the notes was finalised at levels below the initial spread guidance.

A third catastrophe bond of the year  to benefit underwriting entities linked to coastal property managing general underwriter SageSure has now been launched to investors, with a $75 million Gateway Re Ltd. (Series 2023-2) cat bond sought for the SureChoice and Elevate reciprocal exchanges.

In reporting its first-quarter results this morning, Hannover Re’s CEO Jean-Jacques Henchoz called the successful growth and pricing achieved at reinsurance renewals so far this year, a “major cornerstone to secure Hannover Re’s long-term profitability.”

Global reinsurance giant Munich Re is the latest to target an upsized issuance for its new catastrophe bond, with the reinsurer now seeking $200 million in US named storm retrocession from the Queen Street 2023 Re dac transaction.