Retrocession news

Allianz has promoted Thorsten Fromhold to the role of Chief Group Reinsurance Buyer, a role in which he will oversee all external Allianz reinsurance placements.

Hannover Re made an additional recovery from its pandemic retrocession arrangement in the third-quarter of 2022, as the long-standing capital markets backed mortality swap continued to demonstrate its value for the firm.

Lockton Re, the reinsurance arm of the global broking group, has announced the hiring of another property reinsurance and retrocession specialist, in Ben Ryan, who joins the company’s London office from his most recent role with Aon.

For global reinsurance company SCOR, 2022 saw the company adding new quota share sidecar capacity from third-party investors to its retrocession program, as it looked to add more diversification to its retro capital sources, while strengthening its retro protection.

Global reinsurance company SCOR has reported a net loss for the first nine months of 2022 across its business of EUR -509 million, with its P&C business particularly affected by natural catastrophe losses, hurricane Ian and reserve strengthening in the third-quarter.

Favourable development across the CATCo retrocessional reinsurance investment portfolio has delivered almost $82 million back to investors in the strategy across the first nine months of 2022.

Netherlands-based pension investor PGGM is set to reduce the overall size of its insurance-linked securities (ILS) market investments, as the groups ILS portfolio has now grown substantially above the target allocation percentage, Artemis has learned.

Hurricane Ian’s impacts in Florida and resulting costs flowing to the insurance and reinsurance industry has tipped the balance from a hardening market into a hard one, according to Lancashire Group CUO Paul Gregory.

Hannover Re’s CFO Clemens Jungsthöfel revealed that the reinsurance company is anticipating a gross loss from hurricane Ian of close to EUR 400 million, excluding effects from its ILS fronting business, which suggests as much as EUR 124 million in losses will be shared with retrocessionaires.

AXA Group has announced its nine-month figures and revealed an estimate of EUR 400 million of claims after hurricane Ian, which are all expected to hit the AXA XL division and is gross of tax and net of reinsurance.