reinsurance

Strategic Risk Solutions, Inc. (SRS), an independent provider of insurance, reinsurance and captive management and consulting services, has announced the hiring of Charles ‘Chuck’ Scherer in Bermuda, as the firms insurance-linked securities (ILS) ambitions continue to expand.

Aon has announced the hiring of Cole Mayer from Swiss Re, with the executive joining the broker to lead a global center of excellence for parametric products, reporting to Aon Securities CEO Paul Schultz.

Two competing factors are set to drive conversations during the 2023 Atlantic hurricane season, as well as risk. But there are other important areas insurance, reinsurance and ILS market interests should remain alert to, according to Jeff Waters of Moody’s RMS.

Artemis has learned that another catastrophe bond from the Residential Re series that provided USAA with a collateralized source of aggregate catastrophe reinsurance protection has had its maturity date extended, following a return of half the outstanding principal to investors that totalled $30 million.

AXA XL Reinsurance (AXA XL Re), the reinsurance arm of AXA XL and part of the global AXA Group, has announced a new CEO, with Renaud Guidée moving over from the AXA Group Chief Risk Officer position, to join the reinsurance side.

A new parametric earthquake catastrophe bond transaction with a $100 million initial target, named Acorn Re Ltd. (Series 2023-1), will be the first in this series where its coverage will overlap with an existing issuance, presumably reflecting a desire to stagger maturity of catastrophe reinsurance coverage for the beneficiaries.

US primary insurer The Hanover Insurance Group, Inc. has lifted the target for its new Commonwealth Re Ltd. (Series 2023-1) catastrophe bond to $150 million, while at the same time the price guidance range has been narrowed, we understand.

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.

As macro-economic shifts continue, while confidence in the reinsurance sector among investors has also grown, and reinsurers are looking to maximise the hard market opportunity, it seems dedicated reinsurance capital is set to rise.

Vesttoo, the insurance-linked securities (ILS) focused financial technology company, has renewed a capital market backed casualty quota share reinsurance arrangement at an upsized $120 million over the prior year, for a leading Lloyd’s syndicate.