Property reinsurance

Property cat exit as part of specialist reinsurance focus will not damage relationships: Axis

Axis Capital’s exit from property reinsurance business will not negatively impact existing relationships, with more than three-quarters of the $2.1bn premium in force coming from customers where property cat makes up less than 10 percent of the relationship, according to president and CEO Albert Benchimol.

Property cat treaty crunch turbocharges fac market

The boom in the property facultative market that began as insurers de-risked by cutting limits and appetite is now accelerating amid the retrenchment of reinsurers from cat, which is driving cedants to fill gaps and offload exposure lower down in their net retentions.

Axis’s July reinsurance renewal volume drops 32% after property exit

Axis Capital’s exit from property reinsurance business led to its renewal volume dropping by 32 percent at1 July while pricing on the business it did renew was up almost 7 percent on average, the Bermudian (re)insurer’s president and CEO Albert Benchimol has revealed.

RenRe CEO optimistic “reinsurance-led pricing” will return at 1.1

RenaissanceRe has plenty of “dry powder” as it eyes attractive 1.1 opportunities with the Bermudian’s CEO Kevin O’Donnell telling investors he is optimistic that increased demand and constrained supply will bring a return to “reinsurance-led pricing” in property cat at the key renewal.

Ex-Axa XL US property treaty head Plaistowe joins Aon

James Plaistowe has joined Aon as North American property treaty broker, based in London.

HCI ups coverage for TypTap tower in 2022-2023 cat reinsurance program

HCI Group has detailed its 1 June-incepting catastrophe reinsurance program for 2022-2023, with the Florida carrier again buying four towers for its two subsidiaries with the coverage for its insurtech platform TypTap significantly upsized.

Axis Re exiting $706mn property book after shrinking it by 31% since 2019

Axis Capital’s announcement earlier on Tuesday that it would be pulling out of the property reinsurance business means the company will be giving up a $706mn-premium portfolio, which the company has scaled by 31 percent since it peaked at just over $1bn in 2019.

Axis Re CEO Arora to depart as platform exits property amid specialty pivot

Axis Capital’s reinsurance CEO Steve Arora is leaving the Bermudian with Ann Haugh stepping into the role, as Axis Re exits property treaty and comes under the oversight of Vince Tizzio as part of a shift towards specialty underwriting at the group level.

Core Specialty bolsters reinsurance program with $65mn cat bond

Core Specialty has completed the placement of its $570mn property reinsurance program which for the first time includes support from a newly minted 144A catastrophe bond.

Kin adds 8 reinsurers to panel and upsizes cat limit to $770mn

Homeowners insurtech Kin Insurance has completed its 1 June reinsurance renewal, at which the company increased the amount of catastrophe limit it purchases by 150 percent to $770mn, and added 8 new reinsurers to its panel.

TWIA upsizes traditional reinsurance to $936mn

The Texas Windstorm Insurance Association (TWIA) has completed its 2022 reinsurance program with a total of $2.036bn of private market risk transfer that includes its new $200mn Alamo Re cat bond issue and $936mn of traditional limit, up from $830mn on the expiring structure.

FL governor DeSantis signs property insurance market reform package

Florida governor Ron DeSantis has signed a bipartisan property insurance reform package that a statement from his office called “the most comprehensive” property insurance reform in the state in decades.

Cat bond issuance spreads approaching six-year high: Leadenhall Capital

Average catastrophe bond issuance spreads are approaching a six-year high, Leadenhall Capital Partners has highlighted in an update, with a sudden reversal unlikely because issuance activity is expected to remain strong.

UPC reports widening core loss and moves away from cascading cat structure

United Insurance Holdings (UPC Insurance) fell to a worse-than-expected core loss of $29.3mn or $0.68 a share in first quarter results it said reflected its “aggressive” de-risking and deleveraging in personal lines, as it also revealed a restructure of its slimmed down cat program away from cascading limit.

WTW builds out NA property team with Gallagher’s Hicks

WTW has recruited London-based Adrian Hicks as it continues to bolster its North American property team, The Insurer can reveal.

Heritage shares drop 6% as management quizzed over outsized weather losses

Analysts questioned Heritage’s management on the Florida’s carrier’s earnings call about the $63.8mn of net current accident year weather losses that led to a Q1 net loss, with investors reacting to the results by sending its share price down 6 percent in trading on Friday.

HCI to wait on Florida special session result before finalizing reinsurance pricing

HCI’s CEO on an earnings call has suggested the carrier “must wait to see what comes” from Florida’s special legislative session before deciding on firm order terms for this year’s reinsurance placement, as well as identifying a “great reinsurance opportunity for HCI” through its captive.

Allstate upsizes nationwide cat tower by $851mn

Allstate has placed its nationwide excess catastrophe reinsurance program to provide coverage of up to $6.61bn in excess of a $500mn retention, up from $5.76bn xs $500mn on the 31 May expiring structure as it added a $500mn layer to its core traditional placement as well as limit higher up the tower.

RenRe eyes US property margin expansion but unlikely to grow FL book

RenaissanceRe is seeing double-digit rate increases in advance of the mid-year renewals that will allow it to expand margin on its portfolio without assuming more risk, but is unlikely to reverse its recent Florida retrenchment because of social inflation and structural issues in the state, according to CEO Kevin O’Donnell.

RenRe misses on earnings despite big swing to $200mn UW profit

RenaissanceRe reported underwriting income of $200.2mn for the first quarter compared to a $35.8mn deficit in the prior-year period, but missed with operating earnings per share of $3.50 that were below Wall Street consensus forecasts of $4.76, according to MarketWatch.

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