reinsurance

Global reinsurer Munich Re has now added to its collateralized reinsurance sidecar arrangements for 2023, with a second tranche of notes now issued by its Eden Re II Ltd. vehicle, taking the total issued so far around this renewal to $131.1 million.

Fitch Ratings believes that the catastrophe bond market could be set for a period of higher inflows from investors, given its relative performance versus other areas of insurance-linked securities (ILS).

Having once been considered at-risk, due to perceived potential exposure to sponsor Credit Suisse’s challenges related to Archegos and Greensill Capital, we’ve learned that the Operational Re III Ltd. operational risk catastrophe bond was matured, redeemed early and investors repaid in full, while going forwards the latest issuance has no exposure to these events.

Arbol, a technology-led underwriter of parametric risk transfer, climate and weather insurance or reinsurance business, has announced the hiring of Hector Ibarra as its new Vice Chairman of Latin America (LATAM).

Well-known Bermuda-based insurance-linked securities (ILS) market executive Sal Tucci has launched a new venture, Jireh Holdings Ltd., with the company set to bring ILS risk transformation, fronting and advisory services to clients, while a broader insurance management offering is also anticipated in future.

Catastrophe bond funds in a UCITS format only fell to a -2.3% negative annual return for 2022, according to the average weighted index of the Plenum CAT Bond UCITS Fund Indices.

Global reinsurance giant Munich Re has said that it sees climate change and La Niña as two of the drivers for a $120 billion annual disaster insured loss bill from 2022.

Kettle, the reinsurance focused deep-learning and artificial intelligence (AI) insurtech that launched with a California wildfire focus, has announced its hiring of former Fidelis underwriting leader Brian Espie as Chief Underwriting Officer, while Amit Shah has been promoted to President of Kettle Limited.

Insurance rates for residential and commercial properties in the United States that are exposed to catastrophe risks continued to rise fast in the fourth-quarter of 2022, while the hardening of reinsurance at the January renewals will now also have a trickle-down effect, MarketScout has said.

Insurance group Progressive is now set to secure $135 million of collateralized catastrophe reinsurance from its new Bonanza Re Ltd. (Series 2023-1) catastrophe bond deal that benefits the ARX Holding insurers, including American Strategic Insurance Group.