reinsurance

So-called secondary perils are driving insured losses around the globe, according to reinsurance giant Swiss Re, who also said the fingerprints of climate change are evident in the increasing frequency and severity of losses.

Fleming Insurance Holdings, a property and casualty prospective and retrospective capital solutions provider, has hired former Point72 executive Samir Khare as Head of Casualty ILS Solutions, as the firm looks to the capital markets to securitize insurance risk.

Rating agency Demotech began to take actions on Florida’s property insurance marketplace yesterday, with a number of changes and withdrawals of ratings evident.

Vesttoo, the insurtech that uses proprietary artificial intelligence and machine learning to help companies assess and transfer risks to the capital markets, is expanding into the Japanese market and has hired experienced reinsurance industry executive Kunihiko Iinuma to lead a new office there.

The awaited changes to ratings of property insurance carriers with a Florida focus by rating agency Demotech have begun, with United Property & Casualty Insurance Company downgraded two notches to “M”, while insurers FedNat and Weston have both had their ratings withdrawn.

Raincoat, an insurtech that develops scalable embedded climate insurance products with parametric triggers, has raised a $4.5 million seed round to help it build-out its mission to provide climate disaster insurance for a new era.

With environmental, social and governance principles (ESG) growing in relevance in Bermuda, Sherman Taylor, Ocorian’s Head of Capital Markets in the country, has shared his views on the matter as part of Artemis’ Q2 2022 Catastrophe Bond & ILS Market Report.

The temporary reinsurance arrangement for downgrade-challenged carriers announced last week by Florida’s Office of Insurance Regulation (OIR) will not put the risk transfer arrangements of Citizens Property Insurance Corporation on the hook for any claims or losses through the scheme.

Specialty insurance and reinsurance player Brit Ltd. reported delivering more income to its third-party capital partners and investors in its ILS-style reinsurance structures through the first-half of the year in 2022.

Rates for commercial property insurance in the United States may begin to accelerate again in future quarters, as carriers absorb the costs of higher reinsurance pricing and capacity reductions continue, according to broker Marsh.