reinsurance

At the 2023 SIFMA ILS conference in Miami yesterday, speakers explained that the insurance-linked securities (ILS) market has undergone a giant reset and that the now-higher rate environment is anticipated to persist, leading others to cite their optimism for the asset class going forwards.

Global re/insurer Chubb has continued to bring its total-return and third-party capitalised reinsurance joint-venture ABR Re firmly to the centre of its reinsurance arrangements, with the amount of risk ceded to ABR Re increasing again in 2022.

Having successfully placed a new $100 million Sanders Re III Ltd. (Series 2022-3) catastrophe bond in December 2022, US primary insurance carrier Allstate has lifted the top of its Nationwide Excess Catastrophe Reinsurance Program tower to $7 billion.

Despite the book of largely aggregate excess-of-loss catastrophe reinsurance business having faced its share of losses in recent years, Bermuda domiciled re/insurance, run-off and legacy specialist Enstar Group has made a gain on the commutation of the Enhanzed Reinsurance Ltd. (Enhanzed Re) cat book with joint-venture partner Allianz.

Ardonagh Group’s reinsurance broking arm, Inver Re, has announced the addition of Alun Thomas, formerly of MS Amlin, to the new role of Global Head of Property Reinsurance.

French insurer and reinsurer SCOR has reported a net combined ratio of 113.2% for its global P&C business in 2022 on the back of a high nat cat ratio, although its results show that the firm’s use of retrocession again helped to alleviate some of the burden of another year of high losses.

Vesttoo, the insurance-linked securities (ILS) focused insurtech company, continues to expand its global team with senior and experienced hires, the latest being William Cheney, who is departing his role at reinsurance broker and risk capital advisory Howden Tiger to join the firm.

There is lots of interest in the insurance-linked securities (ILS) market, but any incursion of capital is going to be gradual and cautious as investors continue to be more hesitant to enter the market, said AM Best’s Carlos Wong-Fupuy.

Security First Insurance Company, a specialist Florida domestic homeowners insurer, is back in the catastrophe bond market with a First Coast Re IV Ltd. (Series 2023-1) issuance, that targets $100 million or more in named storm and severe thunderstorm reinsurance protection for the company.

Strategic Risk Solutions, Inc., an independent provider of insurance, reinsurance and captive management and consulting services, has announced a new partnership with investment house Integrum Holdings LP.