reinsurance

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.

Cyber catastrophe bonds have come into focus after a global IT outage caused by a CrowdStrike service update resulted in millions of computers running critical services going offline, raising questions surrounding cyber loss accumulation and aggregation risks, and highlighting some uncertainties over exactly what cyber cat bonds cover.

Here are the ten most popular news articles, week ending July 21st 2024, covering catastrophe bonds, ILS, reinsurance capital and related risk transfer topics. To ensure you never miss a thing subscribe to the weekly Artemis email newsletter updates or get our email alerts for every article we publish.

Artemis has learned from sources that the more junior €53 million Hexagon III Re Pte. Ltd. (Series 2021-1) Class B tranche of notes from Covéa Group’s 2021 catastrophe bond issuance could potentially be facing a hit to principal, as the insurers losses from November 2023’s European windstorm Ciarán rise.