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, the reinsurance arm of the global broker, has announced the hiring of Kathy McCann from Guy Carpenter, a property reinsurance and retrocession specialist.
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Global specialty insurance and reinsurance underwriter AXIS Capital has now secured its latest catastrophe bond at attractive terms, with the upsized $140 million of peak-peril catastrophe reinsurance protection from its new Northshore Re II Ltd. (Series 2022-1) catastrophe bond issuance coming at a reduced pricing level.
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The catastrophe bond market, which has experienced a prolonged period of spread widening through much of the second-quarter, is now seemingly becoming more balanced, as a greater equilibrium between supply and demand is found, resulting in more attractive execution for four recent cat bond sponsors.
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AXIS Capital, the global specialty insurance and reinsurance underwriter, is now aiming to secure an upsized $140 million of peak-peril catastrophe reinsurance protection from its new Northshore Re II Ltd. (Series 2022-1) catastrophe bond issuance.
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Global insurance and reinsurance company Everest Re is set for a successful new catastrophe bond issuance, with the Kilimanjaro III Re Ltd. (Series 2022-1) transaction now having priced at the upsized $300 million, with a coupon fixed at the mid-point of initial guidance.
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Florida’s property insurance market is in the midst of an inevitable hard-landing, but the legislative reforms passed recently are unlikely to go far enough and won’t solve the fundamental problem of litigation, according to Tony Rettino of ILS fund manager Elementum Advisors.
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Insurance and reinsurance broker Miller, the independent and private equity funded broking group, has now announced that recent insurance-linked securities (ILS) focused hire John Duda has now joined the company in Bermuda.
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Increased investor price discipline across insurance-linked securities (ILS) and reinsurance linked investments is helping to drive returns higher, but catastrophe bonds are the stand-out as the ILS market segment likely to grow in 2022, according to K2 Advisors.
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Global insurance and reinsurance company Everest Re is aiming to upsize its latest catastrophe bond issuance, with the new Kilimanjaro III Re Ltd. (Series 2022-1) transaction now targeting $300 million in industry loss based aggregate retrocession for the company.
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Elementum Advisors, LLC, the insurance and reinsurance linked asset manager, has added some new investors to its high-yield insurance-linked securities (ILS) fund strategy in 2022, allowing the investment manager to capitalise on reinsurance market dislocation, according to Tony Rettino.
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