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).
Given the heavy catastrophe loss activity and the challenges this has placed on some alternative capital market players, it is too early to tell how the retrocessional reinsurance renewals may pan out, according to Munich Re CFO Christoph Jurecka.
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Acrisure Re, the reinsurance broking unit of the Acrisure group, has made another key Bermuda reinsurance and retrocession market hire, announcing the joining of Simon Arnott, a former employee of ILS fund manager Securis Investment Partners.
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Catastrophe bonds and other insurance or reinsurance related solutions can be a bridge between the private capital markets and humanitarian project funding needs, according to David Howden, CEO of Howden Group.
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Yesterday, a judge in the United States Bankruptcy Court for the Southern District of New York granted Markel CATCo’s petition for Chapter 15 bankruptcy recognition and relief for the proposed buyout process for the final winding down of the CATCo retrocessional reinsurance funds.
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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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