reinsurance

Global reinsurer Hannover Re fell to a loss in its property and casualty reinsurance division in 2020, as impacts from the COVID-19 pandemic drove a fourth year in succession of above budget large losses for the company.

The evolution of the cyber reinsurance sector has seen a significant shift in market structure to something much more palatable for providers of insurance-linked securities (ILS) capacity, according to Ari Chatterjee, Chief Underwriting Officer (CUO) at Envelop Risk.

The insurance and reinsurance sector can benefit from increased disclosure of climate-related risks and increasing scrutiny from regulators is also expected to ultimately benefit the industry, Moody’s has said, which we’d suggest will include much-needed benefits for the insurance-linked securities (ILS) market as well.

The California Earthquake Authority (CEA) is targeting to increase the size of its risk transfer and reinsurance program to a new high of almost $9.8 billion of limit in 2021.

The North Carolina Insurance Underwriting Association (NCIUA) latest catastrophe bond has now upsized by 150%, with the Cape Lookout Re Ltd. (Series 2021-1) transaction set to provide it $250 million of reinsurance from the capital markets.

As once motor-focused specialist insurer ERS continues its expansion and diversification into a multi-line insurance, reinsurance and insurance-linked securities (ILS) operation, the company has raised $350 million of capital from private equity investors.

Leadenhall Capital Partners LLP, London headquartered insurance-linked securities (ILS) and reinsurance related investments manger, has achieved a classification of its European open ended ILS funds under Article 8 of the Sustainable Finance Disclosure Regulation (SFDR).

The Government of Jamaica aims to have its World Bank supported catastrophe bond issued and in place, providing a much-needed source of capital market backed disaster insurance protection in advance of the 2021 hurricane season, its Finance Minister said yesterday.

Insurance and reinsurance market losses from winter storm Uri and related severe winter weather in the United States may become another factor in the availability of alternative capital, given the loss will highlight the risk of catastrophes being unmodelled and perhaps heighten climate change concerns, S&P has warned.

The use of advanced technologies alongside thoughtful risk capacity to create new products that support a more sustainable world and improved risk taking is vital, according to Barney Schauble, Head of Labs at Nephila Advisors.