reinsurance

Typhoon Gaemi has intensified into a strong Category 4 equivalent storm with sustained winds of 140 mph and gusts to near 170 mph. The storm is expected to track close to the capital Taipei and will be one of the most intense to hit the eastern region of Taiwan in some years.

Analysts at Berenberg have said today that because of the nature of specialty re/insurer Beazley’s cyber book of business, they do not feel its losses from the CrowdStrike linked IT outage will be significant and expect them to come in well below where the PoleStar Re cyber catastrophe bonds attach.

As hurricane Beryl travelled across the Caribbean towards Jamaica, Mexico and Texas, there were minor movements in the share prices of some US mutual catastrophe bond and insurance-linked securities (ILS) funds.

SiriusPoint Ltd., the global specialty re/insurer, has announced the hiring of well-known reinsurance buying focused senior executive Inmaculada Gonzalez, who will join the company as its Global Head of Ceded Reinsurance, effective August 19th 2024.

Reflecting the seriousness of the CrowdStrike related global IT outage, leading cyber insurer Beazley has provided an update to the market saying that it does not expect any change to its combined ratio guidance after this event.

Collateralized capital markets backed reinsurance capacity and insurance-linked securities (ILS) fund managers have taken roughly two-thirds of Florida Citizens traditional reinsurance tower at the recent renewals, with Nephila Capital remaining the largest of those markets.

As anticipated, the junior €53 million Hexagon III Re Pte. Ltd. (Series 2021-1) Class B tranche of notes from Covéa Group’s 2021 catastrophe bond issuance have now been marked down, as the market digests the threat posed by the insurers rising losses from November 2023’s European windstorm Ciarán.

The CrowdStrike IT outage incident shows the need for a more granular understanding of coverage under cyber reinsurance portfolios and catastrophe bonds, but also demonstrates the importance of continued development of these instruments, as they provide critical coverage to the cyber insurance market.

Groupama said today that it is delighted with the investor support received for its new Quercus Re DAC 2024-1 catastrophe bond issuance, while it notes that the €150 million of windstorm reinsurance secured represents the largest aggregate cat bond on-record covering European perils.

Integral ILS Ltd., an independent alternative investment manager focused on natural catastrophe insurance and reinsurance investments, has announced the hire of Arthur Begeman in Bermuda, who joins the Integral ILS investment team as an Underwriter.