Retrocession
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After rapid growth, can the ‘darling of European insurance’ maintain its lean style?
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The depth of the retro market recovery will be an influential factor in the pace of the cat market slowdown from here.
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Tokio Marine has told cedants that it will discontinue its aviation retro book as the effects of the mammoth Boeing loss continue to ripple through the market, this publication can reveal.
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Sang Hun Park previously spent nine years at Allianz before joining Munich Re as a senior origination manager in August 2021.
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The carrier has increased its retro capacity by 56% to EUR1.34bn.
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More retrocession capacity is likely to be deployed during 2023 as pricing holds up across the primary, reinsurance and retro markets, according to Conduit Re.
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The intermediary recorded “one of the hardest reinsurance markets in living memory” as primary rate increases slowed.
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The deal protects the carrier’s capital in the event of large nat-cat or mortality losses.
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The exit highlights increasingly difficult conditions in the retro and reinsurance markets.
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The carrier has become the latest in a string of reinsurers unwilling to write retro at 1 January.
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The RenRe vehicle, formerly a major retro writer, has been a reduced force this year.
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It is understood that Ascot will continue to write worldwide retro business.
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Inflation, heightened cat activity and years of poor reinsurance returns are fuelling demands for wholesale change in the European market.
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Fidelis and MS Reinsurance are among the ceding companies that have support from Ajit Jain’s unit.
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Kevin O’Donnell also said 1.5-point rises in ceding commissions for long-tail line treaties were an “acceptable” increase in acquisition costs, given improved underlying profitability.
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Plus the latest executives on the move and all the top news of the week.
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Greater participation of cat bond investors in the retro market has some advantages alongside the risks.
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The unwinding of the pandemic, inflation and specialty pricing are set to be some of the areas of focus for the market.
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Retro renewals have made major progress in early January, but programme gaps remain at some levels, with reinsurers left carrying more risk net.
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Negotiations were dragged out by decisions being referred for sign-off at senior levels.
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CyberCube also forecast that fresh capital will start to flow into the cyber insurance market next year.
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Panel turnover could be on the rise, as retro change may have a knock-on impact
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The CFO said today’s favourable nine-month numbers were due to a sustained effort to improve P&C underwriting discipline.
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A rampaging cat bond market should lead more cedants to consider its long-term advantages.
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Outside the US, two Indian cyclones are expected to have caused more than $4.5bn of economic losses.
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The start-up's new hire was a founding member of the leadership team at Fosun-owned Peak Re.
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The executive will take up the Hong Kong-based post on 1 September.
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Simon Moore has joined Lockton Re as a senior broker in the company’s non-marine retro and property specialty team, based in London.
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Hannover Re and Fidelis provided significant capacity on the Munich Re-led programme.
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ARPC said the move improves the pool’s capital strength.
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The A$14bn pool will switch brokers on 1 April.
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The move from Fidelis to hand back $275mn of capital is rare in a "use it or lose it" world, but what does this say about the direction of the retro market?
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The reinsurer was chasing a high 15% net return target and said lower demand and capital trapping made this unachievable.
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Some markets on the programme have pushed back on the inclusion of event cancellation exposures.
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The capital supports the MGA’s excess retro portfolio.
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The retro specialist joins the firm as it prepares to expand its reinsurance interests after spinning out of Willis.
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New capacity did not have a major influence on the outcome, but greater rated paper interest and a drop-off in demand kept rate increases more manageable than feared.
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The executive will lead the retrocession and property specialty segments.
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If the fundraise closes, the business will operate as a “permanent capital” monoline retrocessionaire.
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The former Pioneer underwriting chief will lead the programs team within Brit Global Specialty USA from Georgia.
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Scor sought higher-priced agg cover, but Munich Re achieved below-average uplift on its occurrence treaty.
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Investors from the ILS boom era are also those who've had the least luck, so fundraising remains a slog.
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Total insured losses are well up on 2019, but the severity of individual blazes is not likely to impact reinsurers extensively.
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Collateralised capacity will retain an important role in the retro niche.
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The carrier's Ada Re vehicle will join its Turing Re sidecar, but its capacity is not known.
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Smaller reinsurers and Lloyd's carriers will be more impacted than global top-tier firms, the broker forecast.
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Alternatives to the buffer loss table are coming to the fore, as the sector searches for answers on trapped capital.
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Retro specialist Richard Wheeler will head the unit, which will focus on sourcing third-party capacity.
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Following two decades at Aon Benfield, he will join Lockton sometime next year after his gardening leave.
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In so many ways, Covid-19 has scope to manifest as an asymmetric loss, and inadvertently having to run the property loss net may be yet another.
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Willis Re's head of international says retro buyers are finding alternative levers to manage their capital as the market hardens.
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This comes after Everest Re previously let a mid-year renewal lapse, with ILS capacity scarce.
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Bisset has worked at Aon and legacy entities for more than 20 years.
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The spectre of wholesale trapping of capital ahead of 1 January is further dislocating the market.
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The platform said a narrowing spread between buy and sell offers on ILWs suggests more trades will clear.
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At last reinsurance pricing seems to be succumbing to hardening forces within the US market.
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Reinsurers lift price expectations while cedants come to market ready to make concessions.
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Property reinsurers seem to be preparing to draw the battle lines on Covid-19 claims around T&Cs.
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The purchase follows the 2019 launch of the Lion Rock Re sidecar.
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Active underwriter says pricing, retro conditions and casualty crisis will play out in MAP 2791’s favour.
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Hannover Re takes a key role alongside leader Munich Re in the world’s largest terrorism retrocession placement.
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The scheme’s main retrocession programme, the world’s biggest terrorism reinsurance placement, will likely increase from last year’s £2.3bn.
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The company said it had “dusted off” its pillared Purple product.
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The executive told analysts that reinsurance rates are starting to climb in certain areas, offering opportunities.
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A striking feature of this year’s 1 January renewal has been the changing approach to aggregate retrocession covers.
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A round-up of reinsurance renewals news plus the best of the rest from the past seven days.
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Broker’s 1.1 report notes uptick in rates for property cat and non-marine retro.
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A shift towards rated paper and occurrence structures helped the market clear with some deals remaining outstanding.
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The broker highlights increasingly discerning reinsurers pushing for rate.
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The broader retro market is renewing up by 10-30 percent depending on loss experience and structure.
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A shift back to rated and occurrence structures is occurring as aggregate terms were heavily revised.
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The main disrupted segments are still aggregate retro and sidecar vehicles.
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For the most part, aggregate retro covers got hammered in 2017-2018 – but what isn’t as often discussed as these headline losses is the fact that one pocket of such capacity actually got away largely intact.
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The Paris-based carrier has a history of using innovative capital tools to manage risks to the company’s balance sheet.
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The reinsurance market is something of a conundrum as we begin the run-in to 1 January.
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There was a lot to unpack in Swiss Re’s investor day update, which focused on its plans to continue recapturing market share in the natural catastrophe business.
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The executive said a lockup in retro capacity, linked to Japanese typhoons, will further encourage reinsurers to raise rates.
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“Trapital” is once again throwing out renewal schedules in the ILS market after recent typhoon losses have complicated the run-up to 1 January.
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The former RenRe and Aeolus executive had been in talks with Warburg Pincus over a new retro fund platform.
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Retro pricing rose at 1 January 2018. And it rose substantially on those levels 12 months later as the Great Reload gave way to the Great Lockup.
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The TigerRisk exec says appetite for casualty cover is on the rise with the market fragile.
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In a challenged market, new launches are given low odds of sourcing significant capacity.
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Neoguri and the stronger Bualoi look set to pass to the east of Japan.
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There is little expectation that reinsurers will be able to push European cat pricing at 1.1.
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It's no surprise to see how cautiously the (re)insurance industry is approaching the task of estimating losses from typhoons Faxai and Hagibis.
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Historic frequency and severity of losses will create sharp pressure for rate rises at 1 April.
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Typhoon Hagibis looks bad, although whether it is bad enough remains to be seen.
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The launch follows the carrier’s decision earlier this year to put CatCo into run-off.
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This comes as ex-RenRe CUO Eklund and Markel also look to tap investors for retro plays.
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The Insurance Insider gives you a run-down of everything you need to know from the reinsurance conference.
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The CEO said in three years the third-party capital platform could support risk from across the parent group.
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The Insurance Insider takes a look at reinsurance market dynamics after “near-miss” Dorian.
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Andrew Barnard will serve as CEO of new ILS platform Lodgepine with two colleagues taking on investment management roles.
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Despite shrinkage of the overall pool, new capital providers have entered the market in recent months, the ratings agency said.
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The latest increase has pulled its cumulative returns since inception down to a loss of 52.9 percent for ordinary shares, as prior-year gains have been more than wiped out by 2017/18 disaster events.
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The new recruit joins after a 19-year international career with Axa XL.
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The Reinsurance Opportunities Fund has started a buy-back process after shareholders voted in favour of a run-off.
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In the hot summer of 1954, on the Cote d’Azur, Picasso created more than 60 portraits of his teen artist neighbour Sylvette David.
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CFO Vogel says the impact of the event has yet to feed through into rates.
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The executive promises a broader managed funds vehicle, whose strategies will also differ from those of Nephila.
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Last week, Markel said it was placing its retro fund manager Markel Catco into run-off, as part of a restructure that will see a fresh retro play brought to market for 1 January 2020.
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The company is also placing its Markel Catco reinsurance fund into run-off.
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Half of the $700mn capital raise was allocated to DaVinci “based on opportunities arising from organic growth”, he said.
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The reinsurer has secured $60mn of protection against named storms and earthquakes in the US from the capital markets.
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Gregory Murphy said there needs to be greater understanding of reinsurers’ credit risk.
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The 1 July placement is an addition to the scheme’s main £2.3bn programme.
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Sources pegged the firm’s UNL retro purchase at around $150mn.
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A significant increase in demand is being met by constrained supply at current pricing levels.
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The Akibare Re bond will pay out to Mitsui Sumitomo, sister publication Trading Risk revealed.
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Majority of Florida firm order terms hit the market, but many participants think capacity shortfalls are likely at current price levels.
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CEO Bronek Masojada said the company is growing in the right areas.
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The collateralised capacity from Turing Re will support the reinsurer’s property treaty reinsurance portfolio.
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The plan for Catco Reinsurance Opportunities garners near-unanimous investor approval.
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At today’s pricing, most property cat is still a good write for a vast pool of non-insurance capital.
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LGT led the way with its rated start-up Lumen Re.
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Nephila, RenRe and Validus go on the record with this publication on the forthcoming 1 June renewals.
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Munich Re-led programme wraps around £75mn terror cat bond.
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Julian Enoizi, who was instrumental in bringing the £75mn Baltic Re terrorism cat bond to market, said using ILS for an exotic risk was “a long journey”.
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The Eurekahedge ILS Advisers index posted its worst December performance on record.
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The insurer will benefit from reduced incentive expenses owed to former executives in the Bermudian firm.
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