reinsurance

The Florida reinsurance renewals on June 1st are all but done, according to sources and reports, with capacity availability far less of an issue than a year ago, or at the renewals completed earlier in 2023.

With the Florida reinsurance renewal now all but completed, broker Howden Tiger has said that risk-adjusted property- catastrophe reinsurance was pricing up by 33% on average at the 1 June renewals.

With mid-year reinsurance renewals done, Ernie Garateix, CEO of Heritage Insurance Holdings, said recently that the new Citrus Re catastrophe bond his company has sponsored will be complementary to its renewed program.

Home insurtech Hippo has hailed the completion of its subsidiary Spinnaker Insurance Company’s debut Mountain Re Ltd. (Series 2023-1) catastrophe bond, saying the cat bond provides “economically efficient” reinsurance, as well as access to the capital markets.

Broker WTW said today that the innovative parametric hurricane insurance program to protect the Mesoamerican coral reef has been expanded again, with AXA Climate as the sole capacity provider and a refined parametric trigger structure utilised this year.

Recent first time catastrophe bond sponsor Toka Tū Ake EQC, the New Zealand Earthquake Commission, will be represented by Scott McHardy, Head of Risk Finance, as a speaker at our upcoming ILS Asia 2023 conference on July 13th.

The Government of the Philippines is not currently planning to revisit the catastrophe bond market to replace its matured cat bond issuance, its Treasurer Rosalia de Leon told a local news outlet.

Toka Tū Ake EQC, or the New Zealand Earthquake Commission, has lifted the top of its reinsurance tower to a new high of $8.2 billion at this years renewal, with the addition of its first Totara Re 2023-1 catastrophe bond helping it diversify its sources of protection.

The returns possible in insurance-linked securities (ILS) investments remains at a near record, as the Eurekahedge ILS Advisers Index continues to track at its highest performance level since 2007.

Forecast group Tropical Storm Risk (TSR) is maintaining its forecast that the 2023 Atlantic hurricane season will see below-normal levels of activity, but it has added one named storm to the forecast in an update delivered today.