reinsurance

In completing its mid-year reinsurance renewal placement, Universal Insurance Holdings, Inc. said last night that it has secured the most catastrophe capacity in its history, with insurance-linked securities (ILS) markets again key participants in the tower.

Based on an estimate of claims incurred, the Insurance Council of Australia now puts the 2022 severe flooding in the country as the fourth most costly natural disaster event on-record, at AU $4.3 billion.

Catastrophe bonds, collateralized reinsurance and insurance-linked securities (ILS) fund capacity are no longer a safety-valve for the Florida property insurance market’s reinsurance capacity needs, Stonybrook Capital has reported.

Lockton Re, the reinsurance arm of the global broker, has hired Zach Breslin from Aon Securities as the new Leader of Lockton Re Capital Markets, where he will support the expansion of the unit and work closely with Robert Bisset.

An active catastrophe bond market in the first-quarter of 2022 helped to drive “fantastic growth in the ILS business” for Aon’s Reinsurance Solutions division, according to President of Aon Plc, Eric Andersen.

The UK-funded Centre for Disaster Protection has announced a number of new additions to its team, with an experienced disaster risk financing expert joining it from her most recent role at the World Bank, where she had worked on catastrophe bonds and insurance-linked securities (ILS) arrangements.

Analysts from investment bank Berenberg are expecting reinsurance rates in Florida will rise by at least 20-30% across the renewals marketplace, while sources suggest increases at lower-layers are considerably higher in many cases.

The Derecho type event that drove a line of severe thunderstorms across southern parts of the Canadian provinces of Ontario and Quebec last week has the potential to be one of the most expensive insurance industry losses from the convective storm peril in the country.

The first catastrophe bond to be sponsored by re/insurer Core Specialty, the Yosemite Re Ltd. (Series 2022-1) deal we first wrote about earlier this month, looks like it could struggle to reach its targeted minimum for size, with the issuance now updated to seeking between $65 million and $75 million of multi-peril US reinsurance for […]

In an exclusive interview with Artemis, Joseph Petrelli, President and Co-Founder of rating agency and consultant Demotech, Inc. explained that the special session reforms passed by the Florida legislature last week are “inadequate”, when measured against what the state really needs to fix its property insurance marketplace.