reinsurance

Reinsurance broker Gallagher Re has made a senior hire to its capital markets focused unit Gallagher Securities, with Bart Zanelli set to join the firm as an Executive Vice President within the North American team.

The attractive margins still available to investors in catastrophe bonds have the potential to drive “meaningful market growth” in 2023, broker Aon has explained.

Insurance-linked securities (ILS) funds delivered another strong month of performance in February 2023, with every ILS fund represented in the Eurekahedge ILS Advisers Index reporting positive returns for the month, but with catastrophe bond funds leading the way.

Demonstrating that the catastrophe bond market is not softening endlessly, as some might believe based on the recent trend for pricing down, the price guidance for property insurtech Slide Insurance Company’s debut Purple Re Ltd. (Series 2023-1) cat bond has been adjusted towards the upper-end of guidance, we understand.

The Texas Windstorm Insurance Association (TWIA) has upsized its reinsurance target to as much as $450 million for its latest venture to the catastrophe bond market, focusing solely on the 144a cat bond notes through an Alamo Re Ltd. (Series 2023-1) issuance.

Alternative reinsurance capital, so the capacity deployed through insurance-linked securities (ILS) structures including catastrophe bonds, has experienced a return to growth in the second-half of 2022, ending the year 2% up at $96 billion, while traditional reinsurance capital shrank 14%, according to data from Gallagher Re.

Palomar Insurance Holdings, the speciality California-headquartered insurer that offers largely catastrophe exposed property products, has added an additional $187.5 million in earthquake excess-of-loss reinsurance to support continued growth of its business.

Reporting this morning on the just completed April 1st reinsurance renewals, broker Aon has said that it is optimistic that the market is now on a more stable footing, although supply and demand are still “delicately poised.”

Kettle, the reinsurance focused deep-learning and artificial intelligence (AI) company, has delivered risk modelling and analytics to support the development of a new excess wildfire product for the Californian market that has been launched by Amwins and is written by PartnerRe.

USAA, perhaps the most consistent of catastrophe bond sponsors, at least of any primary company, is back in the cat bond market with what will be its 40th deal under the Residential Re name, seeking $200 million or more in multi-peril reinsurance protection from a Residential Reinsurance 2023 Limited (Series 2023-1) issuance.