reinsurance

RenaissanceRe, the Bermuda-based reinsurance firm and third-party capital management specialist, saw a 27% increase in fee income earned from its third-party capitalised and managed joint-ventures and insurance-linked securities (ILS) funds, with growing capital under management and performance in the final-quarter seemingly key drivers.

PERILS AG has launched an industry exposure database for three Asian countries, Indonesia, the Philippines and Thailand, but instead of being reported exposure from insurers, the company has aggregated information from stakeholders, including reinsurers, brokers and modelers to create the database.

Ryan Re Underwriting Managers, LLC, (Ryan Re) a reinsurance focused subsidiary of Ryan Specialty Group (RSG), has named former Aspen exec Emil Issavi as Chief Executive Officer and President, while Brian Boornazian has become Executive Chairman.

The first catastrophe bond to be sponsored by Florida headquartered insurer Universal Insurance Holdings looks likely to upsize with the target now lifted by 50% to $150 million, while at the same time the price guidance for the Cosaint Re Pte. Ltd. (Series 2021-1) transaction has been lowered.

TransRe, the global reinsurance arm of Alleghany Corporation, has announced that it is promoting Ken Brandt to President and Chief Executive Officer (CEO), as incumbent Mike Sapnar has announced his intention to depart the company.

Palomar Insurance Holdings, the speciality California-headquartered insurer that provides largely catastrophe exposed property products, is set for a successful visit to the catastrophe bond market with its new Torrey Pines Re Pte. Ltd. (Series 2021-1) earthquake cat bond that has grown by one-third while marketing to reach $400 million in size.

The global economic trend towards reflation as the world recovers from the pandemic and deals with the fall-out of significant fiscal and monetary easing is expected to be largely positive for insurance and reinsurance sector fundamentals, with some positive effects for insurance-linked securities (ILS) and catastrophe bonds as well, Twelve Capital has said.

Argo Group, the Bermuda headquartered specialty insurance underwriter, is set to scale back its use of third-party reinsurance capital, as the company looks to retain more of its profitable business and move forwards after the shedding of Ariel Re.

With thoughts turning to the key mid-year reinsurance renewals and negotiations already underway for many Florida domestic insurance carriers, rating agency Demotech has warned that nine carriers need to report “markedly improved operating results in 2021” to sustain their current rating level.

Global reinsurance firm Hannover Re has been expanding its activities in life insurance-linked securities (ILS), with its life ILS volumes passing $1 billion and a recent deal tapping its Kubera Insurance (SAC) Ltd. as an issuer to transact with life ILS investors.