Retrocession news

Global reinsurance broker Guy Carpenter has strengthened its cyber reinsurance team and as part of that promoted Zain Awan to the newly created role of International Cyber ILS Lead.

Conduit Re has now secured its debut catastrophe bond deal, with the company achieving the $100 million target for the Stabilitas Re Ltd. (Series 2023-1) retro reinsurance cat bond, while the notes have now been priced some 9% below the initial guidance mid-point.

Conduit Re, the Bermuda headquartered global reinsurance company that launched for the 2021 underwriting year, is targeting lower pricing for its first and still $100 million Stabilitas Re Ltd. (Series 2023-1) catastrophe bond, that seeks to secure retrocession from the capital markets for the company.

Tremor Technologies, the insurtech operator of a programmatic risk transfer marketplace, has announced another significant feature release, digitizing the contract wording process and making it fully auditable, embedded within its platforms workflow.

At the mid-year reinsurance renewals our market sources are suggesting that availability of retrocession is far better than was seen at 1/1, with rate increases also decelerating more than had perhaps been anticipated just weeks ago.

Having reported favourable development of its side pocket loss reserves through the final quarter of 2022, the CATCo retrocessional reinsurance investment portfolio saw this trend continue in Q1 of 2023 as well, with further gains made.

France headquartered global reinsurance company SCOR hailed the successful placement of its $75 million Atlas Capital DAC (Series 2023-1) multi-peril retrocession catastrophe bond, while noting that the reduced size, compared to previous cat bonds, is in line with its efforts to reduce its overall catastrophe exposure.

Insurance-linked securities (ILS) fund managers are beginning to report growing interest from institutional investors, analysts from KBW reported from a Bermuda visit this week.

Korean Re, the global reinsurance company headquartered in the country of its name, is the latest debut entrant to the catastrophe bond market that will benefit from capital market coverage in 2023, thanks to a new Solomon Re Ltd. (Series 2023-1) issuance that targets $75 million or more in US multi-peril catastrophe retrocession.

Verisk, the insurance and reinsurance market claims, data and technology focused service provider, has named two new leadership appointments within its PCS (Property Claim Services) business unit, in the wake of the departure of former PCS leader Tom Johansmeyer.