reinsurance

The number of litigated property insurance claims at Florida’s largest P&C insurers rose again in the month of April 2022, with the total now back at levels only seen prior to the enactment of the SB76 reforms, according to CaseGlide.

The mismatch between supply and demand in the catastrophe bond market persists and could now become accentuated, as the market pipeline of new cat bond deals continues to expand.

The Northwest Pacific typhoon season, which is one of the peak zone perils for reinsurance, catastrophe bond and other insurance-linked securities (ILS), is forecast to see activity levels roughly 20% below-normal, as the effects of La Niña are increasingly expected to last through summer and into Autumn.

TransRe’s new catastrophe bond has become the latest to see its prices rise above initial guidance, with all three tranches of the  Bowline Re Ltd. (Series 2022-1) cat bond deal having their coupons elevated while being marketed to investors.

Netherlands-based pension investor PGGM continues to steadily expand the capabilities of its joint-venture and rated underwriting vehicle Vermeer Reinsurance Ltd., subscribing for more shares in the company during the first-quarter of 2022.

Property and casualty insurer UPC Insurance, part of United Insurance Holdings Corp., has almost filled the lower-layers of its mid-year reinsurance tower, but the coverage has been restructured to an occurrence tower, instead of the cascading aggregate protection the insurer had in prior years.

Mt. Logan Re Ltd., the collateralized reinsurance sidecar-like and insurance-linked securities (ILS) vehicle operated by re/insurer Everest Re, has announced the hiring of experienced pension investor in ILS, the PGGM employee Youssef Sfaif, as its new COO.

Palomar Insurance Holdings, the speciality California-headquartered insurer that provides largely catastrophe exposed property products, has now secured its latest Torrey Pines Re Ltd. (Series 2022-1) catastrophe bond at the revised lower-end $275 million target size, but with its coupons priced at the elevated levels we reported yesterday.

The insurance-linked securities (ILS) market needs to address some of the issues that have emerged through the soft market period in reinsurance, in order to ensure it can hold onto its capital base, Luca Albertini, CEO of Leadenhall Capital Partners explained to us in a recent interview.

The Texas Windstorm Insurance Association (TWIA) is back in the catastrophe bond market as it puts together its reinsurance tower, seeking a $185 million or greater Alamo Re Ltd. (Series 2022-1) cat bond that will act as a renewal of a maturing issuance from 2019.