Reinsurance News
Catastrophe reinsurance
Catastrophe reinsurance news includes coverage of the main catastrophe reinsurance renewals, pricing trends and market developments, as well as analysis of reinsurance market exposure to major natural catastrophe loss events.
The catastrophe reinsurance market remains a core component of global reinsurance and one of the most competitive sectors.
Read all our catastrophe reinsurance news below.
Proposed legislation could reshape catastrophe re/insurance landscape in US: Goldman Sachs
18th January 2024
In response to the increasing costs and risks associated with catastrophic events, there is a notable surge in legislative efforts at both the Federal and State levels, according to Goldman Sachs. Notably, California Representative Adam Schiff has introduced a bill, known as the INSURE Act (H.R. 6944), aiming to create a ... Read the full article
Hard market likely to persist in reinsurance as lack of capital inflows ensures discipline: BofA
12th July 2023
Europe's big four reinsurers stand to benefit from a continuation of favourable market conditions in 2024 on the back of strong outcomes at the mid-year renewals, driven in part by the lack of new capital inflows in the current hard market cycle, according to analysts at BofA Securities. In contrast to ... Read the full article
Wildfire risk “clearly insurable”, will remain part of nat cat portfolio: Swiss Re
16th June 2023
Despite being a peril that is difficult to assess, Swiss Re's Gianfranco Lot suggests that wildfire risk is "clearly insurable" as he anticipates it will still form part of the firm's nat cat portfolio going forward. “Wildfire is part of what we call secondary perils, and we've invested into understanding the ... Read the full article
Nationwide taking action to mitigate risk in personal and commercial lines portfolios
12th June 2023
Large U.S. insurer Nationwide Mutual Insurance has announced that it is taking "specific business actions" in an effort to mitigate risk and manage its personal and commercial lines portfolios, citing the economic landscape, inflation, and catastrophic weather events. The insurer notes that these actions are impacting the entire insurance industry, and ... Read the full article
SURE and SageSure close $100m cat bond to reinsure second and subsequent events
7th June 2023
SageSure, a provider of catastrophe-exposed property insurance, and SureChoice Underwriters Reciprocal Exchange, a policyholder-owned insurer, have announced that SURE has closed a $100 million catastrophe bond to provide reinsurance for second and subsequent events. The catastrophe bond was upsized by 33% from the transaction’s initial $75 million target, with pricing more ... Read the full article
Hippo completes $110m debut catastrophe bond
1st June 2023
Spinnaker Insurance Company, a wholly owned subsidiary of Hippo Holdings Inc., has announced the successful sponsorship of Mountain Re Ltd. Series 2023-1 catastrophe bond. As part of the transaction, Spinnaker is entering into a reinsurance contract with Mountain Re that offers protection against a variety of perils, including named storms, fire ... Read the full article
VYRD confirms completion of 2023 Florida reinsurance program
1st June 2023
VYRD Insurance Co., an admitted Florida-domiciled Property and Casualty insurance firm, has successfully completed its 2023 reinsurance program for the upcoming Atlantic hurricane season. VYRD suggests that its reinsurance program "exceeds regulatory and rating agency requirements and provides coverage for multiple catastrophic events." The program runs from June 1, 2023, through May ... Read the full article
Toka Tū Ake EQC renews record reinsurance program, gets first cat bond
31st May 2023
New Zealand’s state-owned residential property disaster insurance entity, Toka Tū Ake EQC, has completed a renewal for a record level of reinsurance of just under $8.2 billion for New Zealand homeowners, including reinsurance via catastrophe bonds, which it has secured for the first time. Toka Tū Ake EQC Chief Executive, Tina ... Read the full article
SCOR successfully sponsors new Atlas Capital catastrophe bond
30th May 2023
Global reinsurance company SCOR has successfully sponsored a new catastrophe bond, Atlas Capital DAC Series 2023-1, which will provide the firm with multi-year risk transfer capacity of $75 million to protect itself against named storms in the U.S. and earthquakes in the U.S. and Canada, as well as European windstorms. Atlas ... Read the full article
Slide Insurance places reinsurance program for 2023 hurricane season
26th May 2023
Full-stack homeowners insuretech Slide Insurance has completed its reinsurance program for the 2023 hurricane season, bolstering its ability to protect policyholders across Florida and South Carolina. According to Slide, its reinsurance program exceeds regulatory and rating agency requirements. The comprehensive reinsurance tower protects the firm to the 185-year return period, reduces retention ... Read the full article
Tower Limited places additional $100m of reinsurance reinstatement cover
23rd May 2023
New Zealand-based insurance company Tower Limited has announced it has successfully placed additional reinsurance reinstatement cover for the remainder of the financial year ending 30 September 2023. Tower recently indicated it would purchase additional catastrophe reinsurance to cover the increased estimate for the ultimate cost of February’s Auckland and Upper ... Read the full article
Heritage Insurance Holdings announces its 2023-24 cat reinsurance program
19th May 2023
Heritage Insurance Holdings Inc., a super-regional property and casualty insurance holding company has announced the full placement of its 2023-2024 indemnity-based, catastrophe excess-of-loss reinsurance program. This program is for its statutory insurance subsidiaries, namely Heritage Property Casualty Insurance Company, Narragansett Bay Insurance Company and Zephyr Insurance Company. The 2023-2024 catastrophe reinsurance ... Read the full article
June renewal will be challenging regardless of legislative reforms: Stonybrook
16th May 2023
Florida domestic carriers will have a challenging June reinsurance renewal, even with the implementation of the legislative reforms, suggest analysts at Stonybrook Capital. According to the analysts, natural catastrophes and the increased frequency of secondary perils placed pressure on property carriers across the nation in 2022, especially in the coastal regions. Stonybrook ... Read the full article
The biodiversity crisis is driving a need for reinsurers to better assess related risks: MSCI
31st March 2023
MSCI's Vice President of research Arne Philipp Klug has published a report on the importance of making biodiversity crisis a part of the underwriting process. Klug along with Cody Dong, Senior Associate at MSCI Research, has established a link between biodiversity loss and higher underwriting risks. This relationship is evident ... Read the full article
French re/insurers reassessing nat cat risk after expensive year: AM Best
22nd March 2023
Analysts at AM Best have reported that French insurers and reinsurers are increasingly beginning to reassess their natural catastrophe assumptions following another year of extreme weather in 2022, which included record high temperatures and low rainfall. The experience of 2022 aligns with an ongoing trend towards hotter and drier weather in ... Read the full article
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