Reinsurance News
Universal renews reinsurance at higher cost with more capacity
1st June 2022
Florida headquartered and expansive primary insurance company, Universal Insurance Holdings, has announced that it has successfully renewed its reinsurance coverage at a “modestly” higher cost. Changes to the program include more open market catastrophe capacity across all treaties and multiple events, as well as a reduction to the top end of ... Read the full article
Munich Re teams up to plant trees in 10m-metre area in Costa Rica
1st June 2022
Reinsurance giant Munich Re has started a new corporate venture called TreeTrust, which aims to plant trees in order to reduce the amount of carbon in the atmosphere. The first project from the venture will see Munich Re and Vaillant Group invest in more than 10 million square metres of former ... Read the full article
Palomar successfully completes June reinsurance renewal
1st June 2022
Palomar has successfully completed its 1 June reinsurance renewal. The firm said that it had procured approximately $430m of incremental limit for earthquakes and $200m of incremental windstorm limit. Its reinsurance coverage now exhausts at $2.08bn for earthquake events and $900m for hurricane events. Palomar also said that it had maintained ... Read the full article
Greenlight Re Innovations invests in security deposit replacement insurance start-up
1st June 2022
Greenlight Re Innovations, part of Greenlight Capital Re, Ltd. has announced an investment in the security deposit replacement insurance managing general agent (MGA) start-up, Garentii. With security deposits having long been the standard form of landlords’ security against property damage and unpaid rent, they do however represent an inefficient use of ... Read the full article
SCOR sponsors new catastrophe bond
1st June 2022
SCOR has sponsored a new catastrophe bond called Atlas Capital Reinsurance 2022 DAC. According to the firm, the new bond will provide the group with a multi-year risk transfer capacity of $240m to protect itself against named storms in the U.S. and earthquakes in the U.S. and Canada, as well as ... Read the full article
Monument Re acquires closed book portfolio from Zurich International Life
1st June 2022
Monument Re, the life reinsurance and insurance holding company, has agreed to acquire the closed book portfolio of Zurich International Life Limited’s Singapore long term life insurance business. Under the agreement with Zurich International Life Limited, the Singapore branch portfolio and employees will transfer into the new Singapore branch of Monument ... Read the full article
Impact from Russia-Ukraine likely to go into next year, says Berenberg
1st June 2022
Berenberg analysts have warned renewal rates in Florida are going to jump by 20-30%, while the Russian invasion of Ukraine will have an ‘accelerating’ impact on reinsurers' rates. In a new note, Tales from the City, the firm said that these were two issues that arose from its meeting with the ... Read the full article
Centre for Disaster Protection bolsters specialists team
1st June 2022
The Centre for Disaster Protection has announced the appointments of four new specialists. Joining the company will be Theodore Talbot, Cristina Stefan, Omaira Choudhry and Jessica Texter, who all bring years of experience across a diverse range of sectors. Talbot joins the senior leadership team as Chief Economist & Associate Director for ... Read the full article
Insured loss from 2022 Australia floods rises to $4.3 billion: ICA
1st June 2022
The Insurance Council of Australia (ICA) has reported a 28% rise in the cost of the severe flooding across Southeast Queensland and Northern New South Wales earlier this year, making it the country's fourth costliest natural disaster event. As of Tuesday May 31st, 2022, insurance and reinsurance industry losses from the ... Read the full article
RGA adds Tran to board of directors
1st June 2022
Reinsurance Group of America (RGA) has appointed Khanh T. Tran to its board of directors, beginning on 1 July. Tran was previously president and CEO of Aviation Capital Group, and has also held various executive positions during his 25 years with Pacific Life, a top 10 life insurance and annuities company ... Read the full article
CatIQ releases latest Canadian IED update
1st June 2022
CatIQ, a subsidiary of Zurich-based PERILS AG, and provider of catastrophe loss and exposure information in Canada, has released the annual update of its Canadian insurance Industry Exposure Data (IED), developed with the support of the Canadian P&C industry. Launched in June 2018, CatIQ’s IED is based on detailed exposure submissions ... Read the full article
‘Well over $10bn of unplaced limit’ at June 1, further downgrades expected: Stonybrook
31st May 2022
Stonybrook Capital has reported that the current shortfall of limit placed by domestic Florida carriers for the renewal of June 1st, 2022, reinsurance programs is well over $10 billion, leading the firm to expect further downgrades in the opening weeks of next month. With a plethora of issues facing the Florida ... Read the full article
AXIS combines health & corporate accident units
31st May 2022
AXIS Insurance – the specialty insurance segment of AXIS Capital Holdings Limited has announced that it is combining its corporate accident and supplemental health benefits business under the new name, AXIS Group Benefits. The AXIS Group Benefits business portfolio will be managed by the newly expanded team, which provides a dedicated ... Read the full article
Openly recruits Head of Reinsurance from Everest Re
31st May 2022
Homeowners insurance provider Openly has announced the appointment of Anthony Landi as Head of Reinsurance and Capital Management. He will lead Openly's reinsurance division and scale up its internal catastrophe management program, reporting to Adriel Nunes, CFO of Openly. Landi previously spent 10 years at Everest Re, where he most recently established and ... Read the full article
Acrisure secures $725m in new funding
31st May 2022
Acrisure has secured additional funding to fuel its ongoing global expansion further. The firm said it had closed $725m in Series B-2 Preferred Equity and received a $23bn valuation, representing a 31% increase from its last preferred equity raise in March 2021. The round of investing was led by the Abu Dhabi ... Read the full article