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This came as Everest Re fell to a $44mn underwriting loss on a pre-reported prior-year reserve charge. -
Child will join the firm from Artex later this year and SRS will begin recruiting immediately for Guernsey-based staff.
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The new platform will give cedants “100x more data” and greater pre-trade insight, Tremor said.
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One estimate suggested around $2bn of new capacity in private deals.
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Across its three core retro deals, the carrier renewed EUR1.17bn, down 3% from EUR1.21bn in 2020.
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Of the largest insured losses from single events last year, the top eight occurred in the US.
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Losses stem from four events and amount to $1.5mn gross.
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Along with its reinsurance platform, the company plans to help brokers hold in-house auctions.
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The industry should expect similar losses in any given year, BMS vice president Andrew Siffert said.
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The spreads on the ultra-low-risk deal are the highest on this series in the past six years and 50% up from a low baseline last year.
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The firm aims to use AI to fill the protection gap left by “black swan” events like Covid-19.
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RenRe boosted its stake in DaVinci to 29% after buying $119mn of shares from third parties.
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Marine insurance and reinsurance are target business areas, the project partners said.
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The utility did not disclose which insurers would receive payments.
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A “pooling fund for disasters” would leverage insurance and reinsurance markets as a backstop.
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US contracts are still pricing at a 10%-15% premium to January 2020 levels, but excess retro capacity may impact the smaller market.
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US hurricanes, storms, wildfires and civil unrest resulted in the carrier’s net cat loss burden doubling to $1.6bn.
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The retro and specialty vehicle launch comes as PartnerRe expands in retro and ILS.
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The issuance follows roughly $107mn of issuance across five series last year.
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The uplift in insured losses would be much lower due to underinsurance for storm surge and flooding damage.
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Ascot will provide the reinsurance support for the index-based crop products.
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This came after analysts said reinsurers could face further cat losses as a result of the case, although XoL claims are likely to be disputed.
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Citizens projected it would cede $94mn in storm losses to reinsurers but has cut this to $62mn.
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Affirmative cyber risks could be the next systemic risk the ILS market takes on, the executive suggests.
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The US carrier expects to recover $16.7mn of premium by cutting off the treaty.
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The total value of Eden Re has fallen 17% compared with 2020.
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The injection leaves US private equity firm Golden Gate Capital as a controlling shareholder.
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Leadenhall more than tripled its deal volume and Schroders has increased its assets under management in 2020.
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Aggregate retro capacity has “reduced enormously” but rate increases were less severe than some had feared, the Willis Re international chairman said.
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Capacity was constrained but some ILS funds were able to grow, while cat bonds also propped up supply.
