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).
The way the reinsurance industry raises capital after a major loss has changed completely over the last decade, as the rapid entry of ILS capital after a catastrophe event is now an “established trend”, according to David Flandro, of JLT Re.
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Argo Group, the international specialty insurance and reinsurance underwriter, has appointed a new global leader for its ceded reinsurance operations, promoting Ariel Re head of underwriting Katie Partington Howarth to the role of Group Head of Ceded Reinsurance.
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The insurance-linked securities (ILS) fund and collateralized reinsurance sector expanded both the scope of the coverage it was offering as well as its market share at a Florida June 1st reinsurance renewal where rate increases were seen as disappointing, according to broker JLT Re.
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PartnerRe is making a change to its third-party reinsurance and ILS capital management strategy, moving away from running an actively managed insurance-linked securities (ILS) portfolio to a strategy focused on using quota shares to allow investors to participate in its reinsurance underwriting returns.
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The Panthera Re Limited Bermuda registered special purpose insurance vehicle has been revealed as belonging to TigerRisk Capital Markets & Advisory (TCMA) and will be used to help its clients access the capital markets and insurance-linked securities (ILS) investors.
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The pace of rate rises are fading as the all-important mid-year reinsurance renewal season approaches, leading analysts at Keefe, Bruyette & Woods to suggest that increases are expected to be lower than those seen in January despite the numerous loss-affected accounts that will renew and ongoing hurricane Irma loss creep.
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Equity research analysts from Morgan Stanley and JMP Securities both expect that the mid-year reinsurance renewals at June and July 1st will see prices largely flat, but with some pockets of loss affected accounts up a few percentage points, which is far from the rate environment that had been hoped for.
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RKH Reinsurance Brokers, part of the global Hyperion Group, is hiring Nick Griffiths from RFIB to join the firms’ reinsurance broking practice, bringing them experience in transacting with alternative and ILS markets.
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Transatlantic Holdings, the parent to Transatlantic Reinsurance (or TransRe), first catastrophe bond has now been priced and the reinsurer has secured a $250 million source of collateralized multi-peril and multi-year retrocession with pricing that was fixed at the middle of initial guidance.
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The debut catastrophe bond from Transatlantic Holdings, the parent to Transatlantic Reinsurance (or TransRe), is set for an increase in size, as sources said the Bowline Re Ltd. (Series 2018-1) transaction is likely to grow to $250 million, while its pricing looks set to move to the mid-point of guidance.
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