Reinsurers glory days are over, as dependence on ILS increases: A.M. Best

Global reinsurance market conditions are said to be improving by rating agency A.M. Best, who maintains a stable outlook on the sector, but sees traditional reinsurance capital becoming increasingly dependent on third-party sources of capacity and ILS.Insurance-linked securities (ILS) and third-party reinsurance capital are becoming increasingly important to traditional reinsurers read the full article →

Markel CATCo listed retro fund adds new director

Markel CATCo Investment Management has added a new director to its stock exchange listed and in run-off retrocessional reinsurance focused investment strategy, the CATCo Reinsurance Opportunities Fund Ltd.The Board of the retro reinsurance fund announced that they have appointed Arthur Jones as a non-executive Director effective yesterday. Jones will also read the full article →

Hagibis loss creep may not emerge until after April renewal, some fear

There are fears in the market that typhoon Hagibis is going to end up repeating what was seen with last year's typhoon Jebi, with loss creep emerging after the April reinsurance renewal again, potentially to the detriment of those hoping for significant rate increases.A number of sources have said that read the full article →

SCOR sets up fourth catastrophe & mortality contingent capital facility

French reinsurance giant SCOR has established its fourth contingent capital facility, securing an EUR 300 million source of responsive capital coverage for natural catastrophe and extreme mortality events.SCOR has been a regular issuer of contingent capital since 2010, when the reinsurance firm first added a line of contingent equity capital read the full article →

Market more positive on pricing than prior year, survey shows

The results from our second global reinsurance market survey reveals a more positive sentiment towards pricing ahead of the upcoming January 2020 renewals.Artemis has again collaborated with traditional reinsurance focused sister-site, Reinsurance News, to test the temperature of the global reinsurance market ahead of the January 1st renewals and beyond.After read the full article →

AXA XL sets Galileo Re 2019-1 cat bond target at up to $575m

AXA XL, the global specialty insurance and reinsurance unit of the AXA Group, is hoping to upsize its latest catastrophe bond issuance, as the Galileo Re Ltd. (Series 2019-1) transaction is now aiming for up to $575 million of protection for the firm, but two tranches of the issuance have read the full article →

Nephila taking disciplined approach to value creation: Markel’s Richie Whitt

Nephila Capital is taking a "disciplined approach to long-term value creation" according to Markel Co-CEO Richie Whitt, who said that the flagship insurance-linked securities (ILS) unit of the carrier remains on target for the year.At the same time, Whitt has highlighted the important role Markel's program fronting subsidiary State National read the full article →

AXIS estimates typhoon Hagibis loss of up to $110m

Bermudian specialist insurance and reinsurance firm AXIS Capital Holdings Limited has estimated its losses from recent Japanese typhoon Hagibis at somewhere between $90 million and $110 million, net of accounting for recoveries from reinsurance and retrocession.AXIS Capital has set its loss reserve estimate based on an expected insurance and reinsurance read the full article →

Swiss Re signals growing role for alternative capital & ILS in its business

Global reinsurance firm Swiss Re is targeting further growth and diversification within its portfolio of natural catastrophe risks, with investor-backed alternative sources of capital set to play an increasingly important and supportive role.In announcing its strategy and targets in time for its investors' day today, Swiss Re has revealed an read the full article →

CATCo sees 25% Hagibis, Faxai & Dorian hit to 2019 capital deployed

Retrocessional reinsurance focused investment manager Markel CATCo Investment Management expects that the combined impacts of recent catastrophe events typhoon Hagibis, typhoon Faxai and hurricane Dorian will result in a roughly 25% impact to capital deployed in the 2019 portfolio of its listed fund.Markel CATCo has today revealed its potential exposure read the full article →