reinsurance

Parts of eastern Australia are flooding again after an East coast low brought torrential rains and strong winds, with parts of Sydney particularly affected, with households evacuated and flood warnings in place.

Demand for reinsurance and retrocessional protection from cedants, as well as a slew of new first time market entrant sponsors, have helped the global catastrophe bond market execute on $5.1 billion of new issuance in the second-quarter of 2022, according to Artemis’ latest quarterly report.

The second named storm of the 2022 Atlantic hurricane season has just been named, with tropical storm Bonnie now heading for Central America and expected to impact Costa Rica and Nicaragua tonight.

Artemis has learned that a group of Switzerland-based insurance-linked securities (ILS) investment fund managers have been collaborating to develop a data transparency proposal to help enhance environmental, social and governance (ESG) in the ILS market.

Rating agency Demotech is still in the process of assessing the Financial Stability Ratings (FSR’s) of Florida focused primary insurance carriers, a task it has normally finished by this stage of the year.

The mid-year June and July reinsurance renewals saw buyers experiencing “stresses not seen for several years” according to broker Gallagher Re’s latest 1st View report.

Once again, third-party sources of reinsurance capital, largely from the insurance-linked securities (ILS) market, have dominated the reinsurance renewal of Florida’s Citizens Property Insurance Corporation in 2022, with ILS investment manager Nephila Capital again taking the largest share.

For now the third time, alternative capital levels in reinsurance, largely in insurance-linked securities (ILS) formats, have rebounded to their previous high-level of $97 billion, according to Aon.

Reflecting on the June and July 2022 mid-year reinsurance renewals, broker Aon calls these a “near-perfect storm” for reinsurance buyers and explains that a “true hard market” may be fast approaching.

Vesttoo has added another important appointment, hiring Dan Dijak, who was most recently at AM RE Syndicates, as its Vice President of Insurance Markets in the US.