Markel CATCo, which has been conducting an internal review into its loss reserves in 2017, has parted company with two of its senior executives with immediate effect after it appears it discovered evidence of an “undisclosed personal relationship” in the course of the investigation.
AlphaCat Managers, AIG's third-party reinsurance capital management and insurance-linked securities (ILS) unit, has entered into an ILS transaction with Ledger Capital Markets.
Global reinsurance capital decreased in the third quarter of last year though the mix of capital available changed within this with alternative capital supplying a higher percentage of what was available to insurers, according to a report by Aon.
Pacific Investment Management Company (PIMCO), the asset management company owned by Allianz, has recruited Rick Pagnani, the former chief executive of Everest Re’s sidecar Mt. Logan Re, as head of its ILS business.
A combination of losses in 2018, capital still trapped in relation to 2017 events and a lack of new capacity entering the market, will likely lead to a hardening of the pricing of ILS deals and higher prices in the retro market in 2019.
US insurer Liberty Mutual has secured $150 million of collateralised reinsurance capacity through its Bermuda domiciled segregated account company Limestone Re.
Freddie Mac, the US government-sponsored enterprise that provides liquidity to the US mortgage markets by buying mortgages from lenders, transferred a new type of risk into the reinsurance markets as part of an ongoing expansion of its risk transfer programme.
Reinsurance placements at 1 January 2019 highlight a pricing gap between accounts with peak peril exposures or poor loss records and the rest, with many reinsurers placing emphasis on the quality of client counterparties, according to the latest 1st View renewals report from Willis Re.
Reinsurance treaties with aggregate loss triggers are expected to be vulnerable to the November fire losses in California, following previous qualifying catastrophe events in 2018 that would have utilized some or all of their aggregate deductibles, Fitch Ratings said.
AM Best has assigned a Financial Strength Rating of A (Excellent) and a Long-Term Issuer Credit Rating of “a+” to Bermuda-based Vermeer Reinsurance, a property catastrophe reinsurer that has recently been launched by RenaissanceRe and Dutch pension fund manager PGGM.