Financial

With reinsurance rates and pricing having increased at the key January 2021 reinsurance renewals, there is now an expectation that future renewals this year should follow-suit, with some saying rate rises may be even “more pronounced.” As we’ve already reported this week, broker Howden said that property catastrophe reinsurance rates were up by around 6%,…

Kairos Acquisition Corp., the new insurance, reinsurance and insurtech focused Special Purpose Acquisition Company (SPAC), or blank check company, that Hudson Structured Capital Management Ltd. is behind, has increased the size of its initial public offering by 20% to raise $240 million. We covered the news in December, that Hudson Structured Capital Management, the Michael…

At the January 2021 reinsurance renewals, property rate increases were seen to be at the lower end of expectations, while property retrocession rates also didn’t firm as much as anticipated, broker Guy Carpenter has confirmed. Despite the push for broad reinsurance market hardening at the renewals, as we’d been explaining in our coverage as the…

Australian primary insurance group IAG has successfully renewed its catastrophe reinsurance tower to provide it with the same $10 billion level of occurrence coverage as it had for the prior year, citing only “modest” increases in rates at the renewals. IAG enters the new calendar year with a $10 billion main catastrophe reinsurance cover, placed…

Zurich North America, a division of the global insurance and reinsurance firm Zurich, has launched a new product to provide insurance protection for weather related non-physical impacts to the construction industry in the United States. The parametric insurance product is designed to fill gaps in traditional builders insurance policies, where physical damage from weather loss…