reinsurance

New capital that enters the reinsurance market in 2023 is expected to be rewarded, thanks to strong demand for protection and the attractive terms that capital can be deployed at, according to Joe Monaghan, Global Growth Leader at Aon’s Reinsurance Solutions.

Stone Ridge Asset Management, the New York based asset manager an alternative risk premia focus, including reinsurance and insurance-linked securities (ILS), has provided US $100 million in capital to support an innovative retrocession cyber quota share arrangement for global reinsurance firm Hannover Re.

One of the world’s largest reinsurance buyers the California Earthquake Authority (CEA) has had its ratings downgraded because its claims paying capacity has been reduced, with lack of reinsurance one of the driving factors.

Inver Re, the reinsurance broking arm of the Ardonagh Group, has announced the hire of long-standing Aon weather and parametric risk transfer leader Kurt Cripps as its new Global Head of Parametric.

French reinsurance company CCR Re has been growing its property catastrophe portfolio in recent years and wants to continue this trend in 2023, seeing its 157 Re collateralised reinsurance sidecar as a key tool in this respect, Mathieu Halm, Chief Retrocession & Alternative Capital Officer at CCR Re explained to Artemis.

Fermat Capital Management, one of the largest specialist investment managers of catastrophe bonds and insurance-linked securities (ILS) assets, has licensed the Applied Research Associates, Inc. (ARA) HurLoss hurricane model, as it seeks to add new insights from additional views of risk.

US primary insurer Allstate has pre-announced a heavy catastrophe loss burden for the fourth-quarter of 2022, with winter storm Elliott having driven 80% of the total.

Broking group Aon’s latest reinsurance market report shows that global reinsurance capital declined by 7% during just the third-quarter of 2022, but also notes that committed assets in insurance-linked securities (ILS) had fallen by an estimated 3%.

Home insurtech Hippo has renewed its reinsurance program for 2023 and its executives say the terms secured were improved year-on-year, which could be related to it having another year under its belt and an expanded book of business, providing more confidence to its reinsurers.

More capital will flow back into the global reinsurance marketplace once it is visible that new pricing levels can enable more profitable underwriting, Swiss Re’s CEO Christian Mumenthaler explained during an interview yesterday.