Property catastrophe

O’Donnell: FL regulatory changes alone not enough to change RenRe appetite

It will take more than the recent legislative reforms of Florida’s homeowners market to increase RenaissanceRe’s appetite for supporting domestic carriers in the state, according to the Bermudian’s CEO Kevin O’Donnell, who also said he expects rate increases at the 1.4 Japanese renewal to be more moderate than those seen at 1.1.

AM Best: Recent storms raise concerns of California property capacity shortage

Concerns the recent storms that battered California could evolve into a longer-term trend may force primary carriers with a property concentration in the Golden State to change their business models given their reliance on reinsurance and fears that such coverage could become increasingly scarce.

CEO Egan: $1.3bn LPT gives SiriusPoint flexibility to allocate capital to opportunities

SiriusPoint CEO Scott Egan has said the $1.3bn LPT announced with Compre this morning validates his firm’s reserving strategy and crucially brings “finality” to its international cat exposure, with the deal including recognition of $100mn in reserve redundancy on the portfolio.

World Bank pegs direct Turkey earthquake damages at $34bn+

Direct physical damage sustained in the two large earthquakes that hit southern Turkey on 6 February is estimated to be around $34.2bn, according to a post-disaster damage assessment by the World Bank.

Upsized cat bond sets SageSure on course for 2023 growth despite tight reinsurance market

The significant upsizing of the latest Gateway Re cat bond to $355mn by SageSure and reciprocal exchange SURE means the property cat specialist MGU has secured a large portion of the cat limit needed to allow it to grow this year despite the challenging traditional reinsurance market.

Ariel Re adds carbon offset capabilities in latest $125mn Titania Re cat bond issuance

Ariel Re has sponsored a third catastrophe bond issued by Bermuda special purpose insurer Titania Re providing $125mn of collateralised reinsurance cover for named storms and earthquakes, adding a pioneering carbon offset feature for replacement of buildings and vehicles.

Hong Kong extends ILS Grant Scheme

The government of Hong Kong has proposed a two-year extension to its pilot ILS Grant Scheme in a move designed to continue the development of its ILS offering and to attract locally domiciled issuers of cat bonds and ILS arrangements.

Axa XL Re plans further 35% cut in nat cat exposure in 2023

Axa XL is planning to further reduce the natural catastrophe exposure within its reinsurance book during 2023 as it continues to take steps to limit earnings volatility.

Munich Re’s Wenning: Further 2023 renewals to increase share of nat cat business

Munich Re’s CEO Joachim Wenning has confirmed the group will look to write larger shares of nat cat business at 2023’s remaining renewals.

Moody’s RMS estimates Turkey earthquake insured losses at $5bn+

Moody’s RMS has estimated the total insured loss from the 6 February Turkey earthquakes will likely exceed $5bn.

LatAm and Caribbean cedants face reinsurance market hardening “like never before”

Questions over the availability of reinsurance capacity dominated discussions between Latin American and Caribbean insurers, their brokers and reinsurers in Miami’s Brickell neighbourhood last week amid growing concerns that cedants will be hit with significant rate rises at upcoming renewals while some may be unable to complete their programs.

Amwins: Market is a “roller coaster” with no property softening in sight

Some segments of the E&S sector are seeing softening while others such as property face “the hardest market conditions in decades”, according to wholesale broking giant Amwins.

Aon launches new earthquake risk cat model in Canada

Aon has helped launch a new probabilistic catastrophe model to quantify loss potential for earthquake risk in Canada.

SageSure upsizes Gateway Re cat bond by 78% to $355mn

Property cat specialist MGU SageSure and the SureChoice Underwriters Reciprocal Exchange it launched in 2021 have secured $355mn of cat bond coverage, as the latest Gateway Re transaction upsized by 78 percent from the $200mn initially targeted.

Some reinsurers went “too far” at 1.1: LSM’s Hobbs

Liberty Specialty Markets president and managing director Phil Hobbs said he would have “rather been a seller than a buyer” of reinsurance at the 1.1 renewal, which saw some reinsurers “go too far” and risk damaging relationships.

Allstate January cat losses total $307mn

Allstate has reported pre-tax catastrophe losses of $307mn for January, driven by events in Texas and California.

KCC estimates Turkish earthquake insured losses at $2.4bn

Karen Clark & Company has estimated insured losses from last Monday’s Turkish earthquakes at $2.4bn.

Verisk’s Simic: Single-digit billion-dollar Turkey losses reflect low regional take-up

Insured losses from the Turkey earthquakes in the single-digit billion-dollar range reflect the relatively low take-up of earthquake cover in the impacted region, according to Verisk’s managing director of global business development Milan Simic.

ARPC cyclone scheme triggered by Cyclone Gabrielle

Tropical Cyclone Gabrielle has become the first catastrophe event to trigger the Australian Reinsurance Pool Corporation’s cyclone scheme.

Aon survey highlights role of building codes in limiting Hurricane Ian damage

Elevated structures built to current building codes suffered limited damage from Hurricane Ian while structures built directly on the ground were severely damaged, Aon has reported following an on-the-ground survey of damage in the aftermath of the storm.

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