reinsurance

Under pressure U.S. primary insurance carrier group FedNat has revealed that its plan of action it sent the Florida Office of Insurance Regulation (FOIR) involves the company shrinking considerably and reverting to a Florida only carrier, in order to be able to buy sufficient reinsurance.

The California Earthquake Authority (CEA) is back in the catastrophe bond market for the first time in more than a year, seeking $275 million or more of collateralized California earthquake reinsurance protection through an Ursa Re II Ltd. (Series 2022-1) issuance.

A new catastrophe bond issuance is in the market that seeks to secure more than $170 million of capital markets backed named storm reinsurance for two insurance carriers that are majority owned by HSCM Bermuda, with dual-series Marlin Re Ltd. cat bonds being offered to investors.

Munich Re has delivered a €608m profit for the first-quarter of 2022 despite a reasonably high burden from catastrophes, the COVID-19 pandemic and the first claims related to the conflict in Ukraine.

Peak Reinsurance Company (Peak Re), the Hong Kong headquartered global reinsurer, is sponsoring its first ever catastrophe bond, with a $75 million Hong Kong domiciled Black Kite Re Limited (Series 2022-1) issuance.

The Bermuda Monetary Authority (BMA), the financial regulator for one of the world’s most important insurance and reinsurance markets, has announced the promotion of its Chief Actuary, Ricardo Garcia, to the role of Managing Director.

The recently completed $150 million Gateway Re Ltd. (Series 2022-1) debut catastrophe bond transaction from SURE, or the SureChoice Underwriters Reciprocal Exchange, is seen as an “essential” piece of the reinsurance tower and a complement to traditional coverage, according to SURE President Ed Konar.

Bermuda headquartered reinsurance firm RenaissanceRe continues to expand its Capital Partners team, adding Keenan Press from Horseshoe as a new VP to lead on investor due diligence, as well as two new analysts in recent weeks.

AUB Group, an Australian listed financial services group comprised of insurance brokers and underwriting agencies, is to acquire near 200 year old insurance and reinsurance broking group Tysers, gaining wholesale Lloyd’s, reinsurance and some insurance-linked securities (ILS) expertise.

When a renewal comes up for consideration for the first catastrophe bond transaction to be sponsored by Jamaica, there is already some discussion regarding the need for a larger cover to be in place, or for it to be expanded to cover additional Caribbean island nations, a World Bank Managing Director has said.