Insurance

Florida’s Citizens Property Insurance Corporation experienced a challenging reinsurance renewal overall it seems, resulting in the insurer of last resort buying significantly less coverage than had been planned and paying 20% more, on a gross risk adjusted basis than the prior year. Florida Citizens had originally been hoping to purchase as much as $1.3 billion…

The rioting and civil commotion across the United States in recent days is thought likely to cause insurance market losses of as much as $1 billion, but with retentions generally quite high on exposed programs, carriers may not be able to pass on too much of their losses to reinsurance capital. As we reported yesterday,…

The January 2021 reinsurance renewal season is likely to see rates rising broadly by at least 10%, with firming or hardening momentum being held right through the rest of this year, according to executives from PartnerRe. The Wells Fargo Securities equity analyst team, led by senior analyst Elyse Greenspan, held a call with PartnerRe executives…

TotusRe is proposing the use of a cell insurance structure, alongside public and private market participation and the use of retrocessional reinsurance, as a solution to cover multiple risks of national importance, including pandemics. TotusRe has been borne out of the collaboration of Liz Foster, Non-Executive Director of The Society of Insurance Broking, and James…

Arch Capital Group, the Bermuda headquartered specialist insurance and reinsurance underwriter, had tried to come back to the insurance-linked securities (ILS) market with a new Bellemeade Re 2020-1 Ltd. issuance of mortgage insurance-linked notes, a deal that would have been the largest ever example of a mortgage ILS issuance. But we understand that the transaction,…

Global insurance and reinsurance group Everest Re made increased use of its Mt. Logan Re Ltd. collateralized reinsurance sidecar-like vehicle in the first-quarter of 2020, with premiums ceded to the structure rising 38% year-on-year. The acceleration in terms of premiums being ceded to third-party reinsurance capital investors through the Mt. Logan Re segregated account and…

Spinnaker Insurance Company, the well-known program and fronting service specialist that was founded by ex-Arch Re Ingrey family members, has been sold to insurtech Hippo. Hippo is a high-growth, technology focused insurance company that aims to transform home insurance and ownership completely. It turns out that Hippo had already been working with Spinnaker as its…

Plenum Investments AG, the Zurich based specialist insurance-linked securities (ILS) and catastrophe bond investment manager, has launched the Plenum Insurance Capital Fund, a UCITS ILS fund that will allocate to both catastrophe risks and subordinated insurance debt instruments. The move follows a recent announcement of senior hires at Plenum Investments with a focus on insurance…