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).
Incoming Hiscox CEO Aki Hussain explained that new capital raised by the group’s Hiscox ILS funds in the second-quarter translated into a significant increase in gross written premiums.
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Lodgepine Capital Management Limited, the retrocessional reinsurance ILS fund management unit of Markel Corporation, launched its first insurance-linked securities (ILS) fund featuring third-party capital at July 1st 2021 with just under $100 million in assets.
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Assets under management (AuM) at the largest dedicated insurance-linked securities (ILS) specialist manager Nephila Capital rose to $9.8 billion after the second-quarter of the year, while revenues reported for the period were almost flat with the prior year.
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Hiscox Group, the specialist insurance or reinsurance underwriter and ILS capital manager, has successfully raised new insurance-linked security (ILS) capital inflows of $190 million, which it expects will drive higher fee income through the rest of this year.
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In June and July we understand that loss creep related factors have continued to affect some insurance-linked securities (ILS) funds, particularly those focused on private collateralised reinsurance deals, as uncertainty persists over potential impacts from the COVID-19 pandemic and prior year catastrophe losses begin to crystalise.
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Lancashire Capital Management Limited, the third-party capital collateralised reinsurance underwriting arm of specialty insurance and reinsurance group Lancashire Holdings, has raised capital around the mid-year at a similar level to the prior year.
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Global insurance and reinsurance company Everest Re has reported a strong second-quarter of results, with its reinsurance book expanding almost 40% on a gross premium basis, but with catastrophe losses a little ahead of the prior year.
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Specialty insurance and reinsurance group Lancashire Holdings has expanded its property and casualty reinsurance book by 73% in the first-half of the year, while income earned from its third-party capital and collateralised reinsurance activities rose by 122% in the period.
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PartnerRe, the Bermuda headquartered, EXOR owned reinsurance company, has continued to add to its third-party capital under management in the last quarter, lifting the total to $1.1 billion.
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Tremor Technologies, the insurtech with a technology-based programmatic insurance and reinsurance risk transfer marketplace, has achieved a milestone in signing up all of the major reinsurance broking firms to use its platform.
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