reinsurance

As Everest Re Group rebrands itself, removing the “Re” from its name to transition to just Everest Group, the CEO of the global insurance and reinsurance firm has underscored a “commitment” to the underwriting opportunity.

US primary insurance giant Allstate has reported a relatively heavy catastrophe loss burden for April 2023, with $872 million of losses recorded during what is the first month of the annual aggregate term for many of its Sanders catastrophe bonds and the reinsurance they provide.

Global reinsurance giant Swiss Re estimates that the US catastrophe reinsurance market sees approximately $200 billion in demand currently, but says that this is expected to grow by as much as 15% by 2024.

Tremor Technologies, the insurtech operator of a programmatic risk transfer marketplace, has added a new feature called TremorTalk, which is a communication tool that sits within the deal-flow itself and is specifically designed for reinsurance placement and related risk transfer activities.

Palomar Insurance Holdings has now successfully upsized its newest catastrophe bond by one-third, with the catastrophe-exposed property insurer now having priced $200 million of US earthquake reinsurance with this Torrey Pines Re Ltd. (Series 2023-1) issuance.

The California Earthquake Authority (CEA) has returned to the catastrophe bond market in search of a further $300 million or more in collateralized California earthquake reinsurance protection from the capital markets, sponsoring a Sutter Re Ltd. (Series 2023-1) cat bond.

France-headquartered global reinsurance firm SCOR has achieved a strong pricing result in the catastrophe bond market, as its new Atlas Capital DAC (Series 2023-1) multi-peril retrocession deal has now been priced roughly 17% below the initial mid-point of spread guidance.

Accessing the catastrophe bond market as an alternative form of retrocession, is something Bermuda-headquartered reinsurance company Conduit Re is “actively considering”, according to Trevor Carvey, CEO.

The Board of Florida’s Citizens Property Insurance Corporation approved a slightly smaller budget for its reinsurance and capital market risk transfer purchases than expected yesterday, but market conditions are improved somewhat it seems and, while pricing is higher, the insurer of last resort is seeing positive momentum, especially with catastrophe bonds.

The insurance and reinsurance industry loss estimate for Cyclone Gabrielle’s impacts in New Zealand has been lifted by 25% to NZ $1.925 billion by PERILS AG.