reinsurance

U.S. primary insurer Nationwide Mutual Insurance Company is now seeking to double the size of its new catastrophe bond, with its target for the deal now lifted to $300 million of multi-peril US catastrophe reinsurance, from this Aquila Re I Ltd. (Series 2023-1) transaction.

Global reinsurance giant Swiss Re has continued to expand its business in the current hard market environment, reporting today that it has underwritten 5% more business in volume terms, at 19% higher prices on average, during the April renewal season.

Insured claims paid by FEMA’s National Flood Insurance Program (NFIP) after hurricane Ian have now reached above $3.4 billion, bringing the figure close to the lower-end of its most recent loss estimate for the major storm, Artemis understands.

The property catastrophe reinsurance market is “in a very attractive phase” and, for RenaissanceRe, reinsurance as a whole is currently seen as more attractive right now, with its CEO Kevin O’Donnell saying he expects this to be the case for the foreseeable future.

The UK’s Prudential Regulation Authority (PRA) of the Bank of England, the main financial regulator, continues to place great emphasis on making its insurance-linked securities (ILS) regulatory regime a success and is now promising “accelerated authorisation” for what it terms “credible” sponsors.

The insurance and reinsurance industry loss estimate for this year’s severe flooding that affected the Auckland region of the North Island of New Zealand, has been raised by just over 6% to almost NZ $1.76 billion, by catastrophe data aggregator PERILS AG.

Twelve Capital, the insurance, reinsurance, catastrophe bond and insurance-linked securities (ILS) focused investment manager, has highlighted the importance of impact grading and ESG scoring, while finding in a study that the top-rated companies tend to outperform those that score more poorly.

RenaissanceRe, the global reinsurance company and third-party capital manager, continued to have great success in raising funds from third-party investors for its range of joint-venture and insurance-linked securities (ILS) structures, adding just over $767 million so far in 2023, with its Medici catastrophe bond fund strategy taking more than half the inflows.

US primary insurance player Allstate is back in the catastrophe bond market seeking protection for its Florida businesses, with a target for at least $250 million of multi-peril collateralized reinsurance from this Sanders Re III Ltd. (Series 2023-2) issuance.

Vesttoo, the insurance capital markets focused insurtech, has announced the hiring of experienced alternative investments specialist Jon Ewing to lead the development of an insurance-linked securities (ILS) marketplace.