reinsurance

US primary insurance giant Allstate has reported that its losses from the first-quarter winter storms and freezing weather have now enabled it to recover $195 million from the reinsurance provided by its Sanders Re II 2019-1 cat bond.

Global reinsurance giant Munich Re has reported a solid quarter of earnings for Q1 2021, as it delivered EUR 589 million of profit, despite the impact of major losses and catastrophes, the largest of which was the US winter storms and freezing weather.

Catastrophe risk modelling specialist RMS has announced the launch of what it calls “significant updates” to its North Atlantic Hurricane (NAHU) Models, incorporating data from recent active years, including from 2017’s Harvey and Irma.

Great American Insurance Group has returned to insurance-linked securities (ILS) for what will be its third and likely largest catastrophe bond issuance, with a $200 million Riverfront Re Ltd. (Series 2021-1) transaction now being offered to the ILS market’s investor-base.

Catastrophe bond and related insurance-linked securities (ILS) issuance provided investors with both peril and regional diversification in the first-quarter of 2021, as shown by the Artemis Deal Directory.

With the entry of multiple new domiciles to the insurance-linked securities (ILS) arena in recent years, the most important feature of this is the plurality of choice it makes available to sponsors, rather than the chance of subsidies being made available, Mathieu Halm, Head of Retrocession and Strategy at CCR Re explained.

Corant Global, the rebranded BGC Insurance arm that encompasses the Ed brand and reinsurance broking, has announced the hiring of Paul Scope from Willis in Bermuda, who will become Corant’s Chairman, Bermuda.

Thanks to improved conditions in the global reinsurance and retrocession market, Hiscox Group reported this morning that its Hiscox Re & ILS unit has underwritten some 35.6% more in net premiums during the first-quarter of the year.

Lockton Re, the reinsurance business of the privately held independent global broking firm, has announced the hire of Dan Shaw to its London based North America division.

The African Risk Capacity (ARC), a provider of parametric disaster insurance products to countries and now other entities in Africa, is targeting adding Somalia to its risk pool, signing an MoU with the Government to help it work through the onboarding process.