Florida market ‘unsustainable’, reinsurance rates soar in 2022: Citizens CEO

The Florida homeowners insurance market is facing “unsustainable” conditions and the consistency of the loss in the market is considered “staggering,” according to CEO of Florida’s Citizens Property Insurance Corporation Barry Gilway.Speaking to a Florida House subcommittee on insurance and banking this week, Florida Citizens CEO Gilway said the first indications are that reinsurance rates … Read more

Florida market ‘unsustainable’, reinsurance rates soar in 2022: Citizens CEO

The Florida homeowners insurance market is facing “unsustainable” conditions and the consistency of the loss in the market is considered “staggering,” according to CEO of Florida’s Citizens Property Insurance Corporation Barry Gilway.Florida Citizens CEO Gilway spoke before a Florida House subcommittee on insurance and banking yesterday that the first indications are that reinsurance rates in … Read more

Aspen hires Chris Coleman from SiriusPoint as Group CFO

Aspen Insurance Holdings Limited, the insurance and reinsurance insurer headquartered in Bermuda, has announced the hiring of SiriusPoint’s Chris Coleman as its new Group Chief Executive Officer (CFO), a move that brings additional capital market expertise to the company’s senior bank.Chris Coleman gained specific capital markets reinsurance experience during his time at hedge fund-backed Third … Read more

Swiss Re CorSo uses IoT seismographs for responsive parametric triggers

Swiss Re Corporate Solutions, the commercial risk arm of the global reinsurance business, has partnered with a supplier of compact internet-connected seismographs in Japan to enable it to use more responsive, in-situ, parametric trigger data sources.One of the problems with parametric earthquake insurance, or risk transfer and reinsurance, has always been the fact that seismographs … Read more

AXIS Capital Suffers $250 Million Disaster and Weather Loss in Q3

AXIS Capital, the Bermuda-based global insurance and reinsurance company, has joined the catastrophe loss announcements and says it expects a net and pre-tax hit of $250 million for its third-quarter results, the bulk of which is from Hurricane Ida. .The company said these third-quarter catastrophic losses would cost it $219 million after-tax, with these numbers … Read more

CATCo retro fund further cuts forest fire losses in 2018

The CATCo Reinsurance Opportunities Fund Ltd., the publicly traded retrocession-oriented insurance-related securities (ILS) fund strategy managed by Markel CATCo Investment Management, has seen its net asset value (NAV) rise again following another cut in catastrophe loss reserves, this time from the California wildfires in 2018.The retrocessional reinsurance portfolio assembled by Markel’s CATCo Investment Management unit … Read more

CATCo retro fund further cuts forest fire losses in 2018

The CATCo Reinsurance Opportunities Fund Ltd., the publicly traded retrocession-oriented insurance-related securities (ILS) fund strategy managed by Markel CATCo Investment Management, has seen its net asset values ​​(NAVs) rise again following another reduction in catastrophe loss reserves. time of the California wildfires in 2018.The retrocessional reinsurance portfolio assembled by Markel’s CATCo Investment Management unit continued … Read more

Markel CATCo buyout proposal challenged by Pension Insurance Corporation (PIC)

Pension Insurance Corporation plc (PIC) just announced that it plans to attempt to assemble an investor group to challenge Markel CATCo’s proposed buy-out scheme from retrocessional reinsurance investment manager Markel CATCo, saying it believes it has “the interests of of investors will drastically undervalue”.The move could be a setback for parent company Markel Corporation’s plans … Read more

Reinsurance rates must rise to cover rising climate risks: Swiss Re’s Reichelt

Reinsurance capacity and reinsurance prices need to rise further to cover growing risks of climate change, climate-related risks and so-called secondary catastrophe events, Swiss Re’s Frank Reichelt said today.At a media briefing ahead of next week’s Baden-Baden reinsurance meetings in Germany, Reichelt, the head of Northern, Central and Eastern Europe at the global reinsurance business, … Read more

Everest Re Estimates $635 Million in Third Quarter Catastrophe Losses

Global insurance and reinsurance company Everest Re, which also employs a third-party capital strategy in its Mt Logan Re-backed reinsurance sidecar-like vehicle, has announced in advance that its third-quarter catastrophe losses will be $635 million net.Everest Re is the latest to announce a major catastrophe loss charge for the quarter, with the bulk of the … Read more

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