reinsurance

AXIS Capital, the global insurance and reinsurance underwriter, is refocusing its reinsurance division AXIS Re, with a new CEO named in Ann Haugh and an announcement that it is exiting the property reinsurance business as it continues to reduce catastrophe volatility.

Global reinsurance giant Swiss Re is making headway with the issuance of its newest catastrophe bond, the $150 million targeted US hurricane focused Matterhorn Re Ltd. (Series 2022-2) deal and it seems zero-coupon and multi-year protection are proving most economical.

Colorado State University’s tropical meteorology team led by Phil Klotzbach has increased its forecast for activity in the 2022 Atlantic hurricane season, saying they now anticipate a “well above-average” hurricane season ahead also raising its landfall probability forecasts.

The first catastrophe bond to be sponsored by insurance group Core Specialty is a rare excess and surplus (E&S) focused transaction, the company said as it hailed completion of its new $65 million Yosemite Re Ltd. (Series 2022-1) catastrophe bond alongside its reinsurance renewal.

Jesse DeCouto has been promoted to Chief Underwriting Officer (CUO) of Validus Re, the Bermuda-based reinsurance arm of AIG, according to a company memo seen by Artemis.

Having recently completed the sponsorship of its first ever catastrophe bond, Hong Kong headquartered global reinsurer Peak Reinsurance Company (Peak Re) wants to play an important role in helping to develop Asia’s insurance-linked securities (ILS) market and building regional resilience.

Eclipse Re Ltd., the Artex-managed and operated private syndicated collateralised reinsurance note, private catastrophe bond issuance and reinsurance transformer platform, has completed the issuance of an $8.73 million Eclipse Re Ltd. (Series 2022-2A) transaction in recent days.

Acrisure, the expansive insurance and reinsurance broking group, has seen its valuation spike by 31% in little over a year to $23 billion, as the firm announces the closure of $725 million in additional funding to fuel further growth.

Weston Property and Casualty Insurance, a coastal risk focused insurance carrier majority owned by insurance-linked securities (ILS) investment manager Hudson Structured Capital Management (investing as HSCM Bermuda), has now secured its first Marlin Re Ltd. (Series 2022-1) catastrophe bond at $45 million in size, with pricing now fixed at the top of elevated guidance.

April 2022 saw insurance-linked securities (ILS) fund strategies deliver a third month in a row of relatively muted performance, with pure catastrophe bond fund strategies suffering the price related effects of spread widening in the marketplace.