reinsurance

In completing its June 1st reinsurance renewal for 2022, US primary insurance giant Allstate has extended the top of its Florida excess-of-loss catastrophe reinsurance tower by almost $600 million.

With property catastrophe reinsurance rates having risen by at-least double-digits for many cedents at the renewal seasons so far in 2022, analysts from RBC Capital Markets pose a valid question. Why aren’t we seeing a wall of capital flood into the space?

The Guernsey based, Credit Suisse Insurance Linked Strategies supported reinsurance company Kelvin Re Limited has been acquired by New York headquartered financial services group Cowen.

HCI Group Inc. has renewed its reinsurance for its main P&C insurance underwriting subsidiary Homeowners Choice Property & Casualty Insurance Company, Inc. subsidiary and for its digital insurtech company TypTap.

Late May’s Derecho weather event in Canada, that drove a line of severe thunderstorms across southern parts of the Canadian provinces of Ontario and Quebec, is estimated to have caused an insurance and reinsurance industry loss of over C$875 million, according to CatIQ.

One Concern, a resilience-as-a-service solutions provider with a focus on providing upfront information on potential financial impacts of climate related loss events, and broker plus advisor WTW, have teamed up with a goal to accelerate the adoption of parametric insurance solutions.

US primary insurance giant Allstate has reported a relatively brisk start to its aggregation of catastrophe losses for the second-quarter, with pre-tax catastrophe losses for April and May alone totalling $752 million.

A general shortage of reinsurance capacity for some peak zone perils, particularly US wind, has been a particularly decisive factor in driving the recent spread widening in the catastrophe bond market, resulting in much higher cat bond yields, specialist investment manager Plenum has explained.

The African Risk Capacity (ARC) has paid out and already disbursed US $5.3 million to the Government of Zambia after the African nations parametric drought insurance coverage was triggered.

Having just announced the renewal of a record $7.2 billion reinsurance tower, the New Zealand Earthquake Commission (EQC) told Artemis that still less than 2% of this capacity comes from fronted insurance-linked securities (ILS) fund sources.