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Kyoung-son Song

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Kyoung-son Song covers reinsurance, commercial property and general liability insurance for Insurance Insider US, based in New York City. She joined the team as senior reporter in June 2022 and had her “baptism of fire” in the insurance world covering the landfall and after-effect of Hurricane Ian three months later.

Born and raised in Seoul, KS started her career covering Korean manufacturing and IT companies such as Samsung, LG and Hyundai for an English-language media outlet. She graduated Columbia Journalism School in May 2022 with a Master of Arts degree.

Published by this author:

  • Specialty lines
    Vince Tizzio 2023.jpg
    Axis to retain a third of GWP generated from RAC Re sidecar: Tizzio
    CFO Vogt added that the vehicle’s impact from earned premiums should ramp up from 2026 through 2029.
    Kyoung-son Song, 31 October 2025
  • ILS managers
    Kevin O’Donnell.png
    Third-party capital attracted to longer-tail liabilities: RenRe CEO O’Donnell
    O’Donnell believes RenRe is well positioned to produce longer-tail risk to third-party investors.
    Jai Singh, 29 October 2025
  • Catastrophe losses
    Boston Bay, Portland, Jamaica storm.png
    Melissa’s Jamaica landfall could result in industry losses of over $5bn: BMS
    Economic losses from the Cat 5 storm could run 30%-250% of the country’s GDP.
    Kyoung-son Song, 28 October 2025
  • Talent
    guy carpenter.jpg
    Vantage Risk property cat SVP Steinhoff heads to Guy Carpenter
    The hire comes as Guy Carpenter fills the void created by the Willis Re raid earlier this year.
    Kyoung-son Song, 29 September 2025
  • Property treaty
    House Symbol Sitting over A Bar Graph - Stock Market and Real Estate Concept
    T&Cs, attachment points in property cat to hold up into 2026: Everest’s Beggs
    Reinsurer executives during a Aon reinsurer panel stressed that the industry worked hard on setting the right structure.
    Kyoung-son Song, 15 September 2025
  • Sidecars
    Fleming Insurance Holdings Brick Logo.jpg
    Fleming Insurance to raise casualty sidecar of $100mn-$125mn
    Fleming’s attempt follows those of other legacy carriers that have had recent successes raising capital.
    Adam McNestrie, 08 September 2025
  • London market
    lloyds building london.png
    Oak Re to launch second Lloyd’s syndicate writing property and specialty retro
    Syndicate 1440 was approved to assume business incepting January 2026.
    Kyoung-son Song, 03 September 2025
  • Property treaty
    axis capital logo.png
    Axis grows reinsurance premium cession ratio to 41% in Q2
    The firm attributed a 9% drop in reinsurance NWP partly to higher cession rates.
    Kyoung-son Song, 30 July 2025
  • Property treaty
    CinFin Cincinnati.jpg
    Cincinnati Financial adds $300mn layer on property cat treaty renewal
    This brings the carrier’s total limit on the program to $1.8bn.
    Kyoung-son Song, 29 July 2025
  • Legacy
    enstar logo.jpg
    Enstar eyes entry to Bermuda fronting market
    The legacy player is working to secure its first deal, and could look to expand to US E&S.
    Adam McNestrie, 29 July 2025
  • Catastrophe losses
    allstate-logo.jpg
    Allstate estimates $619mn in pre-tax cat losses for June
    The losses were below May’s $777mn, but almost 3x higher than for June 2024.
    Kyoung-son Song, 17 July 2025
  • Property treaty
    lemonade logo icon.png
    Lemonade reduces proportion of ceded reinsurance to 20% from 55%
    The company said the reduction was due to years of steady improvements.
    Kyoung-son Song, 30 June 2025
  • Talent
    howden logo.jpg
    Howden Re names Richardson exec chair as Fox exits
    Richardson has been with the firm since 2015 and was most recently vice chair and chair of international.
    Kyoung-son Song, 30 June 2025
  • Talent
    aon logo.png
    Aon names Hartung global head of event response for risk capital
    The executive has 15 years of experience in meteorology and cat analytics.
    Kyoung-son Song, 05 June 2025
  • Florida
    finance earnings results operations.png
    Universal subsidiaries place $2.5bn 2025-2026 reinsurance tower
    The Floridian also secured $352mn of multi-year coverage extending to 2027.
    Kyoung-son Song, 29 May 2025
  • Regulation
    Graph Financial Gains Chart Earnings.jpg
    AM Best assigns A- FSR to Peak Re North America
    The Peak Re subsidiary mainly writes US motor and casualty reinsurance.
    Kyoung-son Song, 28 May 2025
  • Renewals
    finance earnings results operations.png
    Heritage buys 13% more limit at $2.5bn for 2025-26 reinsurance XoL program
    The total cost for the program increased 1.8% from last year’s.
    Kyoung-son Song, 08 May 2025
  • Commercial Lines
    Arch purple.jpg
    Arch CEO anticipates flattish mid-year renewals with additional demand
    There’s not much supply in that marketplace, Papadopoulo said.
    Kyoung-son Song, 30 April 2025
  • Re/insurers
    finance earnings results operations.png
    RenRe predicts Capital Partners AuM to be ‘stable to up’ through 2025
    The firm’s assets under management were down $300mn in Q1 as performance fee income was hit.
    Kyoung-son Song, 24 April 2025
  • Claims and losses
    Allstate sign on building.jpg
    Allstate posts March cat loss of $1.04bn net of reinsurance recoveries
    The carrier surpassed the retention on its annual aggregate reinsurance cover for the year to March 31.
    Kyoung-son Song, 17 April 2025
  • Commercial Lines
    Reciprocal, minority investment, majority investment, valuation, investments, private equity, capital raise, strategic option
    AmRisc raises $580mn for coastal E&S sidecar Trouvaille Re renewal
    Trouvaille II raised $580mn for 2025, compared to $325mn in 2024.
    Kyoung-son Song, 03 April 2025
  • Re/insurers
    new york stock exchange wall street financial district.png
    US insurance stocks relatively stable amid tariff-related selloff
    Insurance share prices were more resilient than the US stock market.
    Abbie Day, 03 April 2025
  • Bermuda
    Bob Forness.png
    Casualty ILS market can double annually in next two years: MultiStrat CEO
    Industry sources estimate the market to be around $3bn.
    Kyoung-son Song, 20 March 2025
  • Regulation
    lara-ricardo-new-californian-insurance-commissioner.jpg
    Intervenors can no longer hold rates hostage: CA Commissioner Lara
    “We do not have the luxury of time,” he said during the Bermuda Risk Summit.
    Kyoung-son Song, 12 March 2025
  • Florida
    Paresh Patel ILS london 2023.png
    HCI Group spinning off in-house tech subsidiary Exzeo: CEO Patel
    HCI will now consist of two operating units – the other being its four underwriting entities.
    Kyoung-son Song, 28 February 2025
  • Lines of business
    Allstate headquarters northbrook.jpg
    Allstate estimates reinsurance recoveries of $1.4bn from CA wildfires
    The carrier estimated January cat losses of $1.08bn, or $849mn after-tax, including the fires.
    Kyoung-son Song, 20 February 2025
  • Retrocession
    Sirius Point 3D Glass Icon.jpg
    SiriusPoint CA fires net loss of $60mn-$70mn will tap retrocession cover: CEO Egan
    Wildfire loss ‘serves as a strong reminder not to unwind hard-fought for rates and terms’, the executive said.
    Kyoung-son Song, 19 February 2025
  • Lines of business
    Mercury shadow.jpg
    Mercury ‘less likely’ to classify Palisades and Eaton as two events: CEO
    The company will ‘aggressively pursue subrogation’ for the Eaton Fire.
    Kyoung-son Song, 12 February 2025
  • Lines of business
    california state capitol dome.png
    CA Fair Plan approved for $1bn assessment from member companies
    Ultimate losses from the Palisades, Eaton and Hurst fires are estimated at $4bn.
    Kyoung-son Song, 11 February 2025
  • Lines of business
    California Wildfire Homeowners Catastrophe LA.jpg
    Mercury General pegs CA wildfire net cat loss at $155mn-$325mn
    The LA-based firm estimated gross cat losses in the range of $1.6bn-$2bn.
    Kyoung-son Song, 11 February 2025
  • Claims and losses
    Fire rescue helicopter
    Reinsurance exposure to CA wildfires appears ‘manageable’: AM Best
    But cat bonds are experiencing negative secondary market price movement.
    Kyoung-son Song, 07 February 2025
  • Personal lines
    Allstate headquarters northbrook.jpg
    Allstate expecting a $1.1bn pre-tax loss from California wildfires
    The carrier has been reducing its presence in the state since 2007.
    Kyoung-son Song, 05 February 2025
  • Bermuda
    everest logo stock exchanges.jpg
    Everest Group pegs California wildfire losses at $350mn-$450mn
    The Bermudian’s wildfire loss estimate was based on an industry loss range of $35bn-$45bn.
    Kyoung-son Song, 04 February 2025
  • Catastrophe losses
    wildfire malibu california.png
    Gallagher Re raises CA wildfire insured loss estimate to $20bn-$30bn
    The anticipated portion ceded to reinsurance may reach the mid-to-high single-digit billions, it added.
    Kyoung-son Song, 16 January 2025
  • Catastrophe losses
    Downtown LA wildfire smoke california.jpg
    CoreLogic estimates Palisades and Eaton insured losses at $35bn-$45bn
    This will be the most expensive fire in the state’s history, it said.
    Kyoung-son Song, 16 January 2025
  • Lines of business
    Wildfire California Los Angeles Firetruck.jpg
    CA wildfire losses to exceed $10bn, could approach $20bn: Gallagher Re
    The number of structures damaged may put the event on par with the fires of 2017 and 2018.
    Kyoung-son Song, 10 January 2025
  • Catastrophe losses
    Water is dropped on the advancing Palisades Fire by helicopter in the Pacific Palisades neighborhood of Los Angeles, Tuesday, Jan. 7, 2025. (AP Photo/Ethan Swope)
    California wildfires: What we know so far with the fires still blazing
    Sources say 2025 could be as costly for wildfires as the $20bn-loss years of 2017-18.
    Kyoung-son Song, 10 January 2025
  • Personal lines
    juan andrade 2024.png
    Everest’s Andrade leaves for president and CEO role at USAA
    He succeeds Wayne Peacock, who retires this year after four years of service.
    Kyoung-son Song, 08 January 2025
  • Bermuda
    everest logo.jpg
    Everest Group appoints Williamson acting CEO as Andrade departs
    Andrade is taking up a CEO role at another “prominent financial services firm”, Everest said.
    Kyoung-son Song, 08 January 2025
  • Florida
    Aerial drone image of hotels and resorts on St Pete Petersburg Beach Florida USA
    American Coastal secures cat aggregate XoL coverage at 1.1
    The new agreement provides $40mn of aggregate limit excess of zero.
    Kyoung-son Song, 07 January 2025
  • Reinsurance
    aon logo.png
    Eased retro conditions boost reinsurance capacity: Aon
    Increased reinsurance capacity was more than sufficient to meet continued growth in global demand.
    Kyoung-son Song, 30 December 2024
  • Reinsurance
    usa flag sun shining.png
    Reinsurers drive 1.1 rates down as they grab for well-rated US cat
    Overall, reinsurers accepted that rate cuts were still leaving them with strong margins.
    Rachel Dalton, 16 December 2024
  • Personal lines
    hurricane beryl damage houston texas.png
    Twia estimates Beryl losses equivalent to cat fund balance at $455mn
    Twia’s SCS losses in Q1-Q3 2024 have been more than double the budgeted amount.
    Kyoung-son Song, 14 November 2024
  • Re/insurers
    finance fundraise coins results earnings.png
    US cat limit buying could increase by $10bn in 2025: RenRe’s O’Donnell
    In other property, Helene and Milton will assure rates remain attractive, he added.
    Kyoung-son Song, 07 November 2024
  • Catastrophe losses
    hurricane milton damage publix palm beach gardens florida.png
    Liberty Mutual estimates Milton losses will be lower than Helene’s
    Liberty Mutual expects $550mn in Helene losses versus Milton’s $250mn-$350mn.
    Kyoung-son Song, 28 October 2024
  • Florida
    american coastal logo.png
    AmCoastal estimates Milton cat losses at $16.2mn
    The Floridian anticipates Hurricanes Debby and Helene to incur losses of $3.8mn in Q3 2024.
    Kyoung-son Song, 24 October 2024
  • Lines of business
    Hurricane Winds Florida Beach.jpg
    Heritage expects $48mn Debby, Helene cat loss, $57mn cat loss from Milton
    The firm still expects to deliver positive net income for Q3 2024.
    Kyoung-son Song, 23 October 2024
  • Catastrophe losses
    Sarasota, Florida, USA. 10th October, 2024. Residents survey damage to their neighborhood following Hurricane Milton. Credit: david childers/Alamy Live News
    Moody’s RMS posts Milton insured loss estimate of $22bn-$36bn
    Earlier this week, RMS estimated insured losses for Helene and Milton at $35bn-$55bn.
    Kyoung-son Song, 17 October 2024
  • Catastrophe losses
    allstate-logo.jpg
    Allstate pegs Helene cat losses at $630mn pre-tax
    The catastrophe loss estimate for September totalled $889mn, pre-tax.
    Kyoung-son Song, 17 October 2024
  • Florida
    HCI Group Paper.jpg
    HCI Group estimates $600mn-$750mn gross payout for three hurricanes
    HCI is estimated to incur a net expense of $125mn for Milton in Q4 2024.
    Kyoung-son Song, 16 October 2024
  • Catastrophe losses
    fallen tree storm damage losses.jpg
    Moody’s RMS pegs insured loss estimate for Helene and Milton at $35bn-$55bn
    RMS will issue its final loss estimates for Milton later this week.
    Kyoung-son Song, 14 October 2024
  • Catastrophe losses
    ALAMY moodys logo grey background hurricane milton october 2024.png
    Moody’s RMS stochastic model puts Milton mean wind loss at $11.8bn
    On Wednesday, the model had suggested a mean figure at $25.3bn.
    Kyoung-son Song, 11 October 2024
  • Catastrophe losses
    Dunedin, Florida, USA. 29th Sep, 2024. The DUNEDIN MARINA suffered severe damage to docked boats and and the entire pier was destroyed due to the adverse affects of the record high storm surge caused by HURRICANE HELENE. (Credit Image: © Dave Decker/ZUMA
    Insured losses from Hurricane Helene estimated at $6.4bn: KCC
    The figure does not include NFIP losses.
    Kyoung-son Song, 02 October 2024
  • Catastrophe losses
    Storm in Hesse
    RMS estimates EUR2.5bn-EUR3.5bn insured losses from central Europe flooding
    Most of the estimated insured losses will be retained by insurers.
    Kyoung-son Song, 02 October 2024
  • Lines of business
    Bob Reville.png
    Praedicat and the challenge of modeling ‘casualty cat’ risk
    Praedicat CEO Bob Reville outlined the firm’s approach to "casualty cat" as liability risk modeling continues to mature.
    Kyoung-son Song, 01 October 2024
  • Catastrophe losses
    A shopping center is surrounded by flood water from Hurricane Helene Friday, Sept 27, 2024, in Atlanta. (AP Photo/Jason Allen)
    Hurricane Helene losses will likely be larger than Idalia: AM Best
    The ratings agency expects insured losses of around $5bn for Helene.
    Kyoung-son Song, 27 September 2024
  • Catastrophe losses
    hurricane helene track 26 sep 24.png
    Helene now a major Category 3 hurricane: NHC
    Additional strengthening is expected before Helene makes landfall in Florida tonight.
    Kyoung-son Song, 26 September 2024
  • Catastrophe losses
    Texas Hurricane Approaching.jpg
    Tropical Storm Helene remains on track for Florida Big Bend: NHC
    A storm surge warning is in effect from Flamingo to Indian Pass.
    Kyoung-son Song, 24 September 2024
  • Catastrophe losses
    tropical storm helene 24 sep 24 106.png
    Helene strengthens in the Gulf to tropical storm
    The storm could become a major hurricane by Thursday.
    Kyoung-son Song, 24 September 2024
  • Moody's building.jpg
    Moody’s acquires Praedicat, adding casualty modelling capabilities
    The transaction complements its previous acquisition of RMS in 2021.
    Kyoung-son Song, 05 September 2024
  • Aspen logo.jpg
    Aspen Capital Markets grows AuM to $1.9bn as fee income expands
    The ILS business increased H1 fee income by 13% to $68mn.
    Liz Bury, 15 August 2024
  • everest.png
    Everest Q2 CoR increases 2.6 points to 90.3%
    Total pre-tax cat losses for the quarter grew sixfold YoY to $135mn.
    Kyoung-son Song, 01 August 2024
  • Arch-Re-2024.png
    Arch Re did not grow prop cat writing in mid-year renewals: CEO Grandisson
    The slowdown was based on a conviction of “higher likelihood of frequency events” this year.
    Kyoung-son Song, 01 August 2024
  • Allstate headquarters northbrook.jpg
    Allstate pegs pre-tax cat losses of $230mn for June and $2.1bn for Q2
    Allstate’s total pre-tax cat losses for H1 2024 were $2.85bn versus an estimated $4.39bn in H1 2023.
    Kyoung-son Song, 18 July 2024
  • hurricane beryl 2 july 2024.jpg
    Insured losses from Cat 5 Beryl likely to be ‘lower’ thanks to track: BMS
    Grenada and St Vincent were spared the full brunt of the storm.
    Kyoung-son Song, 02 July 2024
  • abstract blurred interior of corridor clinic background in blue color , blurry image for presentation ,banner ,ads design concept
    Retro and US cat pricing near stable amid demand uptick: Guy Carp
    The broker said high ILS maturities would boost cat bond issuance though the hurricane season would impact capital availability.
    Kyoung-son Song, 01 July 2024
  • cracked road concrete close up
    California Earthquake Authority promotes Welsh to CEO
    The executive had been interim CEO since January.
    Kyoung-son Song, 26 June 2024
  • Severe thunderstorm lowering cloud threatens tornado
    Progressive books $722mn cat loss for May from Texas, Midwest storms
    The losses added 12.3 points to the firm's 100.4% CoR.
    Kyoung-son Song, 14 June 2024
  • hurricane-warning-isaias-pa-54854293.jpg
    CSU researchers expecting ‘extremely active’ 2024 Atlantic hurricane season
    Eleven hurricanes are predicted, with five expected to reach Category 3 or higher.
    Kyoung-son Song, 04 April 2024
  • florida office of insurane regulation buildings.jpg
    Florida OIR approves Ovation Home Insurance Exchange, the state’s eighth new P&C insurer
    FHCF rates are also projected to decrease by a statewide average of 7.38%.
    Kyoung-son Song, 03 April 2024
  • Fundraise dollar cyber.jpg
    AmRisc launches Trouvaille Re sidecar for E&S coastal property insurance
    The announcement confirms earlier reports from this publication.
    Kyoung-son Song, 02 April 2024
  • amrisc truist group houston.jpg
    AmRisc completes ~$300mn sidecar raise with huge oversubscription
    Sources said the deal was roughly three times over-subscribed as cat becomes hot.
    Adam McNestrie, 28 March 2024
  • PartnerRe_Logo_bermuda_2021.png
    PartnerRe premiums ceded to Lorenz Re fall by 20% to $529mn in 2023
    The carrier’s non-life combined ratio improved by 5 points to 81.6%.
    Kyoung-son Song, 27 March 2024
  • Citizens logo palm trees storm.jpg
    Citizens CEO tells Senate committee the insurer ‘will always be able to pay claims’
    The body’s budget committee is again pressing Citizens over solvency concerns.
    Hal Stucker, 21 March 2024
  • Allstate headquarters northbrook.jpg
    Allstate February cat losses below $150mn reporting threshold
    This follows January pre-tax cat losses of $276mn.
    Kyoung-son Song, 21 March 2024
  • Blue double exposure of money coins stacking with bar graph for financial and investment business concept.
    AmRisc launches sidecar raise as it works to rebuild cat capacity
    The Truist-owned cat MGA had reduced its line size to $50mn last year.
    Adam McNestrie, 06 March 2024
  • american coastal amcoastal logo cat events.png
    American Coastal will consider Florida Citizens take-out: CFO 
    The closing of the Interboro sell-off was postponed to nearer the end of the year.
    Kyoung-son Song, 01 March 2024
  • marco capital logo 2024.png
    AM Best assigns FSR of A- to Marco Re
    The firm received a long-term ICR of a- and the outlook for both ratings is stable.
    Kyoung-son Song, 27 February 2024
  • AIG logo manhattan with zaffino updated 2022.jpg
    AIG cut spend by $200mn on 1.1 property cat reinsurance program: Zaffino
    Its property cat aggregate cover renewed with improved coverage.
    Kyoung-son Song, 14 February 2024
  • everest logo nyse 2.jpg
    Everest's Q4 CoR climbs 5.4 points to 93.2% on casualty reserving, Otis loss
    The carrier booked a reserve charge of $392mn for casualty insurance.
    Kyoung-son Song, 08 February 2024
  • pete chandler bms re logo 2024.png
    BMS Re’s Chandler stepping down as CEO to become vice-chair
    He is succeeded by interim co-CEOs Andrew Wheeler and Russ McGuire.
    Kyoung-son Song, 31 January 2024
  • travelers logo cat split screen.jpg
    Travelers’ cat XoL treaty balloons to $3.5bn from $2bn
    The program’s retention remained the same at $3.5bn.
    Kyoung-son Song, 19 January 2024
  • Representative Adam Schiff (D-CA) speaks with reporters following a House Intelligence Committee briefing by CIA Director Mike Pompeo at the U.S. Capitol on May 16th, 2017. Schiff answered questions about President Trump disclosing classified information
    CA rep Schiff introduces bill to create $50bn federal reinsurance program 
    Participating insurers would be required to provide all-perils property insurance for residential and commercial policyholders.
    Kyoung-son Song, 12 January 2024
  • Florida state flag.jpg
    Floridian carriers purchased 11% more reinsurance in 2022 at 27% higher risk-adjusted cost: OIR
    In total, insurers paid indemnity of $11bn and loss adjustment expenses of $1.5bn for claims closed in 2022.
    Kyoung-son Song, 11 January 2024
  • Travelers.jpg
    Travelers targets expansion of cat agg treaty by $1bn-$1.5bn for 2024
    Travelers is set to expand its core cat treaty by between $1bn and $1.5bn, in a further sign of increased demand for cat reinsurance coverage at 1 January, this publication can reveal.
    Rachel Dalton, 22 December 2023
  • axis logo new york.jpg
    Axis Re taps Guy Carpenter’s Coburn as Canada reinsurance underwriting head
    Coburn will report to Jason Busti, Axis Re president of North America.
    Kyoung-son Song, 28 November 2023
  • Northern-Re.png
    Northern Re raises $50mn in second funding round
    This latest funding round brings total committed capital for the collateralized reinsurer to $75mn.
    Kyoung-son Song, 28 November 2023
  • State farm logo hamilton bermuda.jpg
    State Farm eyes up purchasing $1bn extra limit across property cat treaties
    Carriers have been dealing with elevated storm activity this year, whilst additional purchases to match inflating values had largely been parked in 2023.
    Liz Bury, 14 November 2023
  • Florida flag palm trees.jpg
    American Coastal enters agreement to sell personal lines subsidiary Interboro
    A non-binding term sheet was signed on October 6, whereby the buyer will acquire 100% of Interboro’s issued and outstanding securities in exchange for cash.
    Kyoung-son Song, 14 November 2023
  • hurricane otis satellite.jpg
    Hurricane Otis industry loss estimates range from $1.8bn-$6.5bn: AM Best
    More than three-quarters of local exposure is ceded to highly rated reinsurers through excess of loss protection, according to the rating agency.
    Kyoung-son Song, 31 October 2023
  • vesttoo logo israel skyline night.jpg
    US Trustee requests Chapter 7 liquidation for Vesttoo
    In a motion filed Friday, the trustee requested to convert Vesttoo’s Chapter 11 case to Chapter 7 so that “an independent fiduciary can wind down the debtor’s affairs and avoid significant administrative costs”.
    Kyoung-son Song, 30 October 2023
  • wooden hammer on dollar. close up
    Vesttoo’s unsecured creditors seek early termination of court procedure, fast liquidation
    Doing so would save “at least $8.5mn in cash” based on the firm’s monthly operational expenditures, according to a recent motion.
    Kyoung-son Song, 23 October 2023
  • Aon logo catastrophe split screen.jpg
    SCS responsible for 70% of Q1-Q3 global insured losses: Aon
    By region, convective storms in the US alone accounted for 60% of global insured losses.
    Kyoung-son Song, 19 October 2023
  • travelers logo cat split screen.jpg
    Travelers cat losses leap to $850mn in Q3, up 66% year-on-year
    The carrier continued to experience a significant level of catastrophe losses this year, which resulted in lower year-to-date earnings than expected, according to CFO Frey.
    Kyoung-son Song, 18 October 2023
  • Climate disasters catastrophes four tiles.jpg
    2023 now a record year for $1bn weather and climate disasters in US
    During the first nine months of 2023, a total of 24 separate billion-dollar weather and climate disasters have been confirmed by the NOAA’s National Centers for Environmental Information.
    Kyoung-son Song, 13 October 2023
  • hurricane lidia 3 pm mdt.png
    Hurricane Lidia intensifies to Category 4 ahead of Mexico landfall
    Additional strengthening is possible before Lidia makes landfall on Mexico’s West-Central Coast, according to the most recent update from the National Hurricane Center.
    Kyoung-son Song, 11 October 2023
  • OLD DONT USE OLD
    Favourable pricing tailwinds outweigh inflationary headwinds for (re)insurers: Howden Tiger
    European and Bermudian reinsurers are expected to be the most favorably affected by the current environment.
    Kyoung-son Song, 12 September 2023
  • Swiss Re logo bank note inflation.jpg
    2023 will be a ‘transition year’ for non-life insurers’ profitability: Swiss Re
    However, most P&C insurers will still miss their cost of capital targets and as a result, rate hardening and capacity constraints are expected to continue into 2024, according to Swiss Re.
    Kyoung-son Song, 11 September 2023
  • Aon logo catastrophe split screen.jpg
    Global property cat reinsurance demand to increase by 5%-10% in 2024: Aon
    The pressure on catastrophe terms and conditions seen at the January 2023 renewals will likely not be repeated as renewals get more orderly in 2024.
    Kyoung-son Song, 07 September 2023
  • Guy Carpenter.jpg
    Investor appetite in cat bonds to remain strong: Guy Carpenter
    Reinsurance underwriting discipline will not subside even as reinsurers’ willingness to deploy capital increases, the broker said.
    Jai Singh, 06 September 2023
  • KCC logo cars flooding florida.jpg
    KCC estimates Idalia insured losses at $2.2bn
    Karen Clark & Company said the majority of insured losses will incur from US wind and storm surge damage, apart from just under $5mn which was attributed to winds across the Caribbean.
    Kyoung-son Song, 01 September 2023
  • Idalia 29 aug 23 1446.jpg
    Hurricane Idalia: The best worst-case scenario for Florida’s insurance market
    With Hurricane Idalia’s landfall underway loss estimates are uncertain, but sources noted that the storm’s trajectory shows it taking the best path to impact minimal insured values in Florida.
    Farhin Lilywala, 30 August 2023
  • tropical storm idalia satellite 28 aug 23.jpg
    Big Bend Idalia landfall would be a retention event for Florida insurers
    If the storm steers clear of Tampa, reinsurers will be well placed for minimal losses, but a retention loss is a further blow for weak Floridians.
    Farhin Lilywala, 29 August 2023
  • Los Angeles, United States. 20th Aug, 2023. Cars trapped in flood waters along the Sherman Way. Hurricane Hilary brings intense rain and flood warnings throughout Southern California, becoming the regions first tropical storm in decades. Credit: SOPA Imag
    KCC estimates Hilary insured losses at almost $600mn
    The estimate includes privately insured damage to residential, commercial and industrial property, as well as automobiles. Boats, offshore properties and NFIP losses were excluded.
    Kyoung-son Song, 29 August 2023
  • flood-stock.jpg
    Modest California Hilary losses could be amplified by regulatory uncertainty
    For insurers, the Golden State is one of the last places they want to face disputes or lawsuits with consumers.
    Kyoung-son Song, 25 August 2023
  • hawaii august 2023 wildfire damage courtesy Hawai‘i DLNR.jpg
    RMS anticipates $4bn-$6bn economic losses from Hawaii wildfires
    The agency put insured property values in the burn footprint at $2.5bn to $4bn, which marks an uptick compared to Moody’s estimate from last week, when the agency pegged insured losses at around $1bn.
    Kyoung-son Song, 23 August 2023
  • Lahaina fire aerial  courtesy Hawai‘i DLNR.jpg
    Lahaina Fire expected to be an earnings event, effects of reconstruction, BI claims unclear
    The development in reconstruction costs and contingent BI claims may put the ultimate sum beyond current estimates.
    Kyoung-son Song, 17 August 2023
  • Aerial drone image of hotels and resorts on St Pete Petersburg Beach Florida USA
    Floir approves Mainsail Insurance, carrier to take up 280,000 Citizens policies
    The domestic carrier will write homeowners’ multi-peril business, according to filings which also detailed that $300,000 of the initial capital will be used to complete the statutory deposit requirement.
    Kyoung-son Song, 15 August 2023
  • Vesttoo money.jpg
    Vesttoo files for voluntary Chapter 11 in Delaware
    The process is being initiated to facilitate restructuring and “provide breathing room” to pursue legal actions against all parties responsible for damages caused to the company, Vesttoo said.
    Kyoung-son Song, 15 August 2023
  • Allstate headquarters northbrook.jpg
    AM Best downgrades Allstate Insurance Group’s long-term ICR to aa-
    The downgrades reflect the negative impact of challenging macro-economic trends on underwriting results and risk-adjusted capitalization.
    Kyoung-son Song, 10 August 2023
  • Palomar logo La Jolla California jt.jpg
    Vesttoo controversy immaterial for Palomar, probably a net positive: CEO
    The company has already seen submissions from MGAs that are potentially looking for a new fronting partner.
    Kyoung-son Song, 07 August 2023
  • progressive lgoo stock market chart.jpg
    Progressive expects to hit retention for aggregate cat reinsurance programme in Q3
    The carrier had renewed its catastrophe XoL private market reinsurance for its property business, effective June 1.
    Kyoung-son Song, 02 August 2023
  • Axis logo bermuda boats harbor.jpg
    Axis Capital fee income grows 24% to $14.6mn in Q2
    The firm earned higher fees off the back of growth in insurance premiums ceded to reinsurers, as premiums ceded to third-party capital partners declined.
    Liz Bury, 02 August 2023
  • Clear Blue_Vesttoo_mess.png
    AM Best places Clear Blue ratings under review with negative implications
    The ratings agency is currently in discussions with Clear Blue’s management regarding the company’s ability to replace certain programs or letters of credit.
    Kyoung-son Song, 27 July 2023
  • Aon logo new storm cloud background.jpg
    H1 insured losses for US SCS to exceed 2011 record: Aon
    The first quarter of 2023 has already gone down as the costliest on record for the peril in the US.
    Kyoung-son Song, 20 July 2023
  • Aerial drone image of hotels and resorts on St Pete Petersburg Beach Florida USA
    Citizens takeouts growing, reaching 91,000 policies so far this year
    The number of policies being requested in the first half of 2023 is larger than the total number of policies requested for 2022.
    Kyoung-son Song, 20 July 2023
  • Priebe_David_2018.jpg
    Cat renewals will shift to more neutral phase in 2024: Guy Carpenter chairman
    Reinsurers are less worried about their property books compared to last year, and eyeing development of casualty loss costs due to social and macroeconomic inflation.
    Kyoung-son Song, 07 July 2023
  • vantage bermuda.jpg
    Vantage adds Foulger and Dowrich to board of directors
    Also formally joining the board are Carlyle’s managing directors James Burr and Jitij Dwivedi, and Adam Halpern-Leistner, director at Hellman & Friedman.
    Kyoung-son Song, 27 June 2023
  • citizens-property-insurance.jpg
    Citizens requests 13.1% rate increase for personal lines policies in Florida
    Considering recent reforms, Citizens’ rates, on average, are still 58.6% below actuarially sound levels, but the inadequacy would have been 88.3% without them.
    Kyoung-son Song, 09 June 2023
  • UPC logo st petersburg florida.jpg
    United Insurance Holdings places $1.4bn reinsurance limit for subsidiaries
    ACIC’s program offers sufficient coverage for approximately a one-in-167-year event and a one-in-100-year event followed by a one-in-50-year event in the same season, the company said.
    Kyoung-son Song, 06 June 2023
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