Insurance

Purchasing of retrocessional reinsurance coverage in industry-loss warranty (ILW) form was seen to show a “material increase” around the mid-year renewal season, according to broker Aon. In the companies’ latest reinsurance market report, Aon said that the industry loss warranty (ILW) market is one area where a lot of activity has been seen in recent…

Cohen & Company, LLC, the fixed income financial services focused investment specialist, has launched its second Special Purpose Acquisition Company, or SPAC, that targets insurance, reinsurance and insurtech investment opportunities. INSU Acquisition Corp. II follows on from the first SPAC, often called blank check company, launched by Cohen & Co., which was named Insurance Acquisition…

Global reinsurance firm Swiss Re expects that while it seems that some losses from the Covid-19 pandemic could fall to its quota share sidecar investors, the amount won’t be significant. Speaking this morning during the companies first-half earnings call, CFO of Swiss Re John Dacey said that the pandemic won’t prove to be a big…

Catastrophe risk modelling specialist RMS has said that the ultimate insurance and reinsurance industry loss from recent hurricane Hanna’s impacts largely in Texas are unlikely to exceed the $400 million mark. This compares closely to the industry loss estimate from fellow catastrophe risk modeller Karen Clark & Company (KCC), who said that hurricane Hanna is…

Isaias achieved category 1 hurricane status overnight as the storm successfully navigated the wind shear that was in its path and intensified to become hurricane Isaias, with the Florida and U.S. east coast firmly in its sights. As we explained yesterday, Isaias is the first Florida and U.S. east coast hurricane threat of the season.…

Specialty insurance and reinsurance player Brit Ltd. highlighted the important benefit of the capital partner relationships behind its Sussex Capital collateralised reinsurance structure this morning, while the firms third-party investors appear to have taken a small share of losses in the first-half. Brit operates a range of third-party reinsurance capital structures, including the Verustus collateralised…

In reporting his companies first-half 2020 results this morning, Swiss Re’s CEO Christian Mumenthaler said that the $2.5 billion of largely IBNR reserves set aside for losses from the Covid-19 pandemic should be sufficient to cover the majority of the firms ultimate. Swiss Re pre-announced a “significant addition” to its loss reserves for the Covid-19…

In reporting their results today, two of the largest reinsurance brokers displayed growth in revenues and business opportunities in the current firming market conditions, which suggests their profits should increase further over the coming months, as the benefits of harder reinsurance rates globally begin to flow through to their bottom-lines. The reinsurance brokers in question…