Reinsurance News
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Travelers secures additional hurricane reinsurance at renewal, upsizes Northeast property cat treaty
20th July 2023
US primary insurer Travelers has again increased the size of its Northeast property catastrophe excess-of-loss (XoL) reinsurance treaty by $100 million at the mid-year renewals, during which the firm also entered into a new personal insurance hurricane catastrophe XoL treaty. Renewed at the July 1st, 2023, reinsurance renewals, Travelers' Northeast property ... Read the full article
Travelers reports $14m net loss in Q2, driven by $640m underwriting loss
20th July 2023
Primary insurance group The Travelers Companies, Inc., has reported a net loss of $14 million for the second quarter of 2023, compared to a net income of $551 million in the prior year quarter. The net loss was heavily driven by a $640 million underwriting loss, which was driven by the ... Read the full article
Victor names Ashleigh Cashman President of ICAT
14th July 2023
Victor, a global managing general underwriter (MGU), has announced the appointment of Ashleigh Cashman as President of International Catastrophe Insurance Managers LLC (ICAT), its US property catastrophe managing general agency (MGA). In her new role, effective 17 July, Cashman will be responsible for the overall growth, innovation, and talent development for ... Read the full article
Outgoing Flood Re Chair urges urgent action to adapt to climate change
14th July 2023
Mark Hoban, former City Minister and outgoing Chair of Flood Re, has issued a stark warning, emphasising the urgent need for the UK to adapt to climate change and prepare for an increased risk of flooding. In Flood Re's newly released "Transition Plan," which examines flood risk over the next two ... Read the full article
Slide secures additional $100m named storm reinsurance protection with second cat bond
13th July 2023
Slide Insurance, a full-stack insurtech focused on providing affordable, effective homeowners coverage, has announced it has finalized pricing for its latest catastrophe bond, closing the $100 million Purple Re Ltd. (Series 2023-2) transaction. This is the second cat bond sponsored by Slide this year, following the initial $100 million ... Read the full article
Subsidence-related insurance costs could reach £1.9bn by 2030: PwC
11th July 2023
Sustained heat, floods and heavy rainfall could drive subsidence-related insurance costs to over £1.9bn by 2030, according to analysts at PwC. PwC's analysts suggest that subsidence-related insurance will be significantly impacted if the levels of sustained heat continue. According to the firm, this highlights the effect record temperatures can have on insurance ... Read the full article
US personal lines insurance rates experience slight decrease in Q2: MarketScout
11th July 2023
According to a report by MarketScout, personal lines insurance rates in the US experienced a slight decrease, with the composite rates dropping to 4.4% in the second quarter of 2023 from 5% in the first quarter. "Insurers were feeling pretty good in the second quarter," said Richard Kerr, CEO of MarketScout ... Read the full article
Farmers Insurance to limit home policies in California, APCIA responds
10th July 2023
Farmers Insurance is capping its new homeowners policies in California starting this month, marking yet another major carrier limiting its coverage in the state. “Effective July 3, Farmers will limit new homeowners insurance policies in California to a level consistent with the volume we projected to write each month before recent ... Read the full article
Updated CSU 2023 Atlantic hurricane season forecast calls for “above average” activity
7th July 2023
An updated 2023 Atlantic hurricane season forecast released by the Colorado State University (CSU) anticipates more tropical cyclone activity than previously projected. In June it was reported that CSU was anticipating 14 additional named storms rather than 13, as well as seven hurricanes instead of six, ... Read the full article
Enact Mortgage Insurance secures quota share reinsurance coverage
6th July 2023
Enact Holdings, Inc. has announced that its flagship legal entity, Enact Mortgage Insurance Corporation, has secured a 13.125% quota share reinsurance agreement with a broad panel of highly rated reinsurers. Under the agreement, subject to certain conditions, Enact will transfer 13.125% of a portion of its current and expected new insurance ... Read the full article
PERILS places first industry loss estimate for Emilia-Romagna floods at €377m
5th July 2023
Catastrophe loss data aggregator PERILS AG has placed its initial industry loss estimate for the floods in the Emilia-Romagna region of Italy during the period of 2 to 22 May 2023 at €377m. According to PERILS, this estimate of the insurance loss is based on data collected from the majority of ... Read the full article
RACQ Insurance joins the Australian Cyclone Reinsurance Pool
4th July 2023
One of Queensland’s leading insurers, RACQ Insurance, has joined the Federal Government’s Cyclone Reinsurance Pool prior to the 2023-24 cyclone season. This announcement comes after insurer Suncorp Group announced last week that it has joined the pool as well. Queenslanders have continued to face the devastating impacts of extreme weather. ... Read the full article
Swiss Re still expects US P&C sector ROE improvement despite challenging Q1
28th June 2023
Analysis from Swiss Re after the first six months of the year reveals that the global reinsurer still expects the impacts of higher underwriting and investment income to drive an improved return on equity (ROE) for the US property and casualty (P&C) sector in both 2023 and 2024. Swiss Re has ... Read the full article
Victor Insurance Exchange to bring additional US property catastrophe capacity to ICAT clients
27th June 2023
Victor Insurance Managers LLC, the global managing general underwriter, has announced the launch of Victor Insurance Exchange (Victor Exchange), a reciprocal insurance exchange, to deliver additional US property catastrophe capacity to existing and new policyholders of Victor's subsidiary, International Catastrophe Insurance Managers LLC (ICAT). The reciprocal insurance exchange is owned by ... Read the full article
Slide fortifies financial position with additional $35m of capital
22nd June 2023
Full-stack homeowners insuretech Slide Insurance has announced the closing of a $35 million senior credit facility with Regions Bank. This investment fortifies the financial position of the Florida-based firm, according to the announcement. “Securing the capital structure to support our technology development and growth has been a key focus since our inception," ... Read the full article