reinsurance

Global reinsurance broker Lockton Re, part of the independent Lockton broking group, has made a key hire as it moves forwards with plans to integrate insurance-linked securities (ILS) alongside traditional coverage options within its broking teams.

Louisiana Citizens Property Insurance Corporation, the non-profit residential and commercial property insurer for those who cannot access private market insurance in the state, has returned to the catastrophe bond market for its second issuance located in Singapore, with a currently $100 million Catahoula II Re Pte. Ltd. (Series 2022-1) transaction.

The Travelers Companies, the US property & casualty insurance giant, has clearly had a positive experience in the catastrophe bond market with its new Long Point Re IV Ltd. (Series 2022-1) issuance, as the carrier is looking to perhaps double its size to as much as $600 million.

The Florida property insurance market crisis that has unfolded through recent years won’t be fixed by minor reforms to the Florida Hurricane Catastrophe Fund (FHCF), according to Demotech President and Co-Founder Joseph Petrelli.

The number of litigated property insurance claims at Florida’s largest P&C insurers rose again in the month of April 2022, with the total now back at levels only seen prior to the enactment of the SB76 reforms, according to CaseGlide.

The mismatch between supply and demand in the catastrophe bond market persists and could now become accentuated, as the market pipeline of new cat bond deals continues to expand.

The Northwest Pacific typhoon season, which is one of the peak zone perils for reinsurance, catastrophe bond and other insurance-linked securities (ILS), is forecast to see activity levels roughly 20% below-normal, as the effects of La Niña are increasingly expected to last through summer and into Autumn.

TransRe’s new catastrophe bond has become the latest to see its prices rise above initial guidance, with all three tranches of the  Bowline Re Ltd. (Series 2022-1) cat bond deal having their coupons elevated while being marketed to investors.

Netherlands-based pension investor PGGM continues to steadily expand the capabilities of its joint-venture and rated underwriting vehicle Vermeer Reinsurance Ltd., subscribing for more shares in the company during the first-quarter of 2022.

Property and casualty insurer UPC Insurance, part of United Insurance Holdings Corp., has almost filled the lower-layers of its mid-year reinsurance tower, but the coverage has been restructured to an occurrence tower, instead of the cascading aggregate protection the insurer had in prior years.