reinsurance

Bermuda saw another strong year of new company registrations for catastrophe bond, insurance-linked securities (ILS) and collateralised reinsurance related vehicles in 2022, with cat bond formations leading the way.

Significant reinsurance price increases alongside much tighter terms and conditions, are expected to drive a 4% point improvement in reinsurers’ underwriting margins in 2023, according to rating agency Fitch.

The California Earthquake Authority (CEA) has seen the traditional reinsurance component of its risk transfer arrangements shrink further at the 1/1 renewals, according to the latest estimate from the insurer.

We’ve learned that two catastrophe bond deals that were originally scheduled for issuance in the fourth-quarter of 2022 were delayed by their respective sponsors, as both were being cautious due to the uncertain market conditions and the level of execution risk that might have presented.

The US state of Louisiana looks set to follow in the footsteps of Florida, by holding a Special Session of the Legislature to address property insurance concerns, with the affordability of reinsurance a key driver.

Re/insurer MS Amlin has sponsored a third capital market arrangement that provides it with Asian property catastrophe retrocessional protection and for 2023 the company has upsized its collateralised reinsurance sidecar arrangement, with Phoenix 3 Re Pte. Ltd. coming out at $45 million.

Italian and global insurance giant Assicurazioni Generali S.p.A. has disclosed that the capital freed up by its first green catastrophe bond issuance, the €200 million Lion III Re DAC transaction, was allocated to refinance a green asset and this helped avoid greenhouse gas emissions.

Here are the ten most popular news articles, week ending January 15th 2023, covering catastrophe bonds, ILS, reinsurance capital and related risk transfer topics. To ensure you never miss a thing subscribe to the weekly Artemis email newsletter updates or get our email alerts for every article we publish.

Citizens Property Insurance Corporation, the property insurer of last resort for the Florida marketplace, expects to grow its policy count by around 46% during 2023, to reach roughly 1.7 million policies in-force by the end of the year.

Coastal property insurance underwriter SURE has returned to the catastrophe bond market for a second time, seeking to secure $200 million or more in expanded US named storm reinsurance from a new Gateway Re Ltd. (Series 2023-1) transaction.