All of our news and analysis on the retrocessional reinsurance marketplace.
Retrocession is effectively reinsurance for reinsurers, so a tertiary layer of risk transfer away from the original risk, if you consider primary, reinsurance and then retrocession.
As reinsurance is insurance for insurers, retrocessional, or retro, protection is reinsurance for reinsurers.
The retrocession reinsurance market has increasingly come to depend on the capital markets and insurance-linked securities (ILS).
As of mid-year 2022, global retrocession capacity has been estimated to be as high as $60bn, around $20bn of which is indemnity based and the rest in other formats.
The alternative capital markets and ILS funds, or investors, play a significant role in global retrocession, as too do instruments such as catastrophe bonds and industry-loss warranties (ILW).
Lockton Re’s non-Marine retrocession and property specialty reinsurance broking division has expanded in recent days with the joining of former CATCo CUO Simon Moore and Aon broker James Boon.
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Paul Gregory, the Group Chief Underwriting Officer of specialty insurance and reinsurance group Lancashire Holdings, is stepping in to become interim CEO of the firms Lancashire Capital Management unit, as Darren Redhead will depart the firm in 2022.
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Pension Insurance Corporation plc (PIC) has explained that it won’t accept the updated and improved buyout terms proposed to investors in the Markel CATCo Investment Management retrocessional reinsurance investment funds, calling the proposal “fundamentally flawed”.
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One of the clearest examples of a regulators’ intention to force action on climate-related financial risks and ensure entities have the capital resources to absorb their potential future losses from them, came from Bank of England Governor Andrew Bailey yesterday.
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Specialty insurance and reinsurance group Lancashire Holdings reported that its property and casualty reinsurance book grew by 85% across the first nine-months of 2021, as the company deployed more capital and took advantage of a stronger rate environment.
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Markel Corporation intends to continue to cede retrocessional reinsurance business to its Lodgepine Capital Management start-up retro ILS investment manager and expects the full retro book to transfer to the ILS model in time, Co-CEO Ritchie Whitt said today.
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Risk transfer and insurance focused public-private partnerships as well as the use of parametric triggers can assist in building global resilience to climate risk, reinsurance giant Munich Re said at the COP26 UN climate conference in Glasgow today.
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In the latest new product roll-out to its specialty insurance and reinsurance lines loss reporting services, Property Claim Services (PCS) will now provide data on worldwide aviation loss events.
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In the last quarter of record, revenues earned from its flagship insurance-linked securities (ILS) operation Nephila Capital rose for parent Markel Corporation, but assets under management at Nephila Capital declined heavily in Q3, dropping by $500 million to $9.3 billion by the end of September.
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A new report calls for an expanding use of risk sharing to help the world tackle the climate emergency and highlights the role of the capital markets, as well as instruments such as ILS and catastrophe bonds, in helping to protect lives and livelihoods against loss and damage during a resilient transition to net zero.
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