reinsurance

US property & casualty insurance giant The Travelers Companies now successfully priced its latest catastrophe bond, with the Long Point Re IV Ltd. (Series 2022-1) issuance securing the carrier $575 million of collateralized catastrophe reinsurance.

Global insurance and reinsurance firm Everest Re is expanding its use of insurance-linked securities (ILS) investor capital, with its third-party capital venture Mt. Logan Re Ltd. a core component of the firm’s efforts to lower its catastrophe exposures, according to John Modin, President of Mt. Logan Re.

France headquartered global reinsurance company SCOR is back in the capital markets with a new Atlas Capital Reinsurance 2022 DAC (Series 2022-1) catastrophe bond through which it is seeking at least $150 million of international multi-peril retrocessional protection.

Florida’s Citizens Property Insurance Corporation’s target for its new catastrophe bond now stands at up to $200 million, while pricing for the Everglades Re II Ltd. (Series 2022-1) transaction has risen to above the initial guidance, Artemis has learned.

A damaging complex of thunderstorms raced across Upper Midwest US states including Iowa, South Dakota and Minnesota yesterday, with wind gusts of over 100 mph reported and structural damage said widespread.

Peak Re, the Hong Kong based global reinsurance company, has announced that its Chief Reserving Actuary David Menezes is being promoted to Deputy Chief Risk Officer and will succeed Eckart Roth as Chief Risk Officer when he retires later this year.

Florida’s lawmakers are set to focus on affordability of property insurance for citizens of the state at the upcoming Special Session, with tackling fraud and abuse of assignment of benefits (AOB) both key areas to reform, according to the states CFO Jimmy Patronis.

Once again, the insurance-linked securities (ILS) market is demonstrating the value of making investments into relatively uncorrelated assets, as some catastrophe bond and ILS fund strategies have been delivering benchmark-beating returns for the first few months of 2022, against the grain of many other asset classes.

As the Florida market continues to grapple with its challenges, even with the promise of some legislative change being on the horizon through the upcoming Special Session, still carriers are pushing hard for steep rate rises in order to restore profitability.

Vesttoo has made two senior hires in its legal function, adding former Hiscox executive David Schonbrun as Chief Legal Officer and a former Senior SEC Counsel Daniel Goldfried as his Deputy.