reinsurance

Giving an idea of the scale of the challenges faced by Florida’s property insurance marketplace, U.S. property casualty insurer, Heritage Insurance Holdings, Inc. has said that it is halting writing homeowners business in some counties as it awaits “meaningful and necessary legislative changes.”

AXIS Capital, the global specialty insurance and reinsurance underwriter, is back in the capital markets with what will be its sixth catastrophe bond, seeking at least $100 million of protection from a Northshore Re II Ltd. (Series 2022-1) issuance.

Speaking at a recent analyst conference, Swiss Re’s Group Chief Underwriting Officer Thierry Léger explained that pricing is now hard in the natural catastrophe reinsurance space, but that further rate hardening is also expected.

The insurance and reinsurance market industry loss estimate for the flooding that impacted eastern Australia earlier this year is rising considerably, with PERILS AG hiking its estimate by 23% to almost AU $4.9 billion (roughly US $3.5bn) on the back of extending the event loss period.

The increased digitalisation and interconnectedness of the world has altered the risk profile of portfolios, meaning that insurance-linked securities (ILS) funds are already holding cyber risk, they’re just not getting paid for the exposure, according to DeNexus, a specialist provider of software for cyber risk quantification for large industrial and critical infrastructure corporates.

Southern Fidelity Insurance Company, the Florida focused primary insurance carrier that counts investment manager Hudson Structured Capital Management Ltd. as a key backer, appears likely to wind-down after failing to secure the reinsurance it needs and subsequently losing its Demotech rating.

Leadenhall Capital Partners LLP, the London headquartered specialist insurance linked securities (ILS) and reinsurance related investments manager, has announced the promotion of long-term employee and partner Lorenzo Volpi to the position of Deputy CEO.

The African Risk Capacity (ARC) will make at least a US $14.2 million payout to benefit the people of Malawi, after the country’s parametric drought insurance coverage was triggered.

The CATCo retrocessional reinsurance investment portfolio experienced more favourable development on a side pocket set for the 2019 underwriting year before its final winding down and distribution of the remaining capital to investors was complete.

Florida headquartered, nationally expansive U.S. property casualty insurer, Heritage Insurance Holdings, Inc., is set to retain more risk this year as the company announces the details of its 2022-2023 reinsurance renewal.