reinsurance

Bermuda-headquartered re/insurer AXIS Capital ceded significantly less in reinsurance premiums to third-party capital partners in the first-quarter of 2023, earning much lower fee income at the same time.

In the current hard reinsurance market, the multi-year nature of insurance-linked securities (ILS) such as catastrophe bonds is likely to drive increasing interest from sponsors in Japan, Aon Securities has said.

Global reinsurance giant Munich Re is returning to the catastrophe bond market to sponsor its first issuance since 2016, seeking $100 million or more in US named storm retrocession with a Queen Street 2023 Re dac transaction.

Catastrophe data aggregator PERILS has released an updated insurance and reinsurance industry loss estimate for the October 2022 Southeast Australia floods of AU $907 million, up roughly 8% from the previous estimate reported in January.

Nephila Capital, one of the largest insurance-linked securities (ILS) fund management operations in the market, is reported by its parent Markel to have had $7.2 billion in assets under management as of March 31st 2023.

The running-off of the Markel CATCo Investment Management portfolios of retrocessional reinsurance continues apace, with additional favourable development booked in the first-quarter of 2023, and now just 10 open contracts said remaining at the Markel CATCo Re reinsurance vehicle.

The Chief Executive Officers (CEOs) of both SageSure and SafePort Insurance Company have highlighted strong insurance-linked securities (ILS) investor support for the recently completed Gateway Re II Ltd. (Series 2023-1) catastrophe bond, which provides SafePort and SafeChoice Insurance Company with $125 million of capital markets-backed named storm reinsurance protection.

Heritage Insurance Holdings, Inc. is looking to expand its new catastrophe bond, with the target for the Citrus Re Ltd. (Series 2023-1)  deal now lifted to as much as $235 million.

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.