reinsurance

Christophe Fritsch, a well-known executive in the insurance-linked securities (ILS) market, given his long history working at AXA Investment Managers with a focus on the sector, has now been promoted to Global Head of Alternative Credit at the asset manager.

The government of Singapore continues to look to the capital markets to push the boundaries in developing its insurance and reinsurance market, with an ambition to further develop the ability of the sector to tap capital market appetite for risk.

In a positive signal for the continuing use of private insurance and reinsurance capital to support the country’s natural disaster and catastrophe insurance needs, the Mexican government has renewed a $250 million layer of traditional catastrophe protection.

The tropical disturbance known as 98L (update, now known as tropical depression 9), continues to make progress through the southern Caribbean and forecast models continue to show a relatively significant consensus for a hurricane landfall in the United States, somewhere on the Gulf Coast or Florida Peninsula around the middle of next week.

This morning, participants in the Lloyd’s insurance and reinsurance market were warned to be cognisant of challenging reinsurance market conditions and the renewals that lie ahead, but were also told that the market will support those able to capitalise on this on the inwards side.

The roller-coaster ride for Florida’s Citizens Property Insurance Corporation continues, with the insurer of last resort’s policy count continuing to rise, as a Senator in the state noted that Florida’s property insurance industry is in “collapse”.

Mortgage insurer Essent Guaranty, a wholly owned subsidiary of Essent Group Ltd., has completed its latest insurance-linked securities (ILS) placement, securing $237.9 million of fully collateralised excess of loss reinsurance via Bermuda-based special purpose insurer (SPI), Radnor Re 2022-1 Ltd.

The fifth and final panel session of our ILS NYC 2022 conference, that was held in New York back in April, saw our expert moderators from earlier sessions at the event come together to discuss some of the main threads of conversation from the day.

A hurricane warning has now been issued for Bermuda as major hurricane Fiona approaches the island, with conditions set to deteriorate as the storm passes just to the west.

Reinsurance rates are likely to rise by mid-teens at least at the next renewals as this will only just cover inflation and climate change related effects, with more needing to be added on top to cover cost-of-capital, analysts at Peel Hunt have suggested.