All Retro articles
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NewsScor returns to Dublin for imminent $150mn+ retro cat bond issue
Scor has established a new Ireland-domiciled company – Atlas Capital Reinsurance 2022 DAC – ahead of returning to the capital markets to bolster its retro covers, The Insurer understands.
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News
Lockton Re raid on Aon’s retro team continues with Ryan
Lockton Re has lured Ben Ryan from Aon as it bolsters its London-based non-marine retrocession and property specialty division, The Insurer can reveal.
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Analysis
Hannover Re warns ultimate Russia-Ukraine losses won’t be clear until war is over
Hannover Re became the first of Europe’s big four reinsurers to post first-quarter results yesterday, with a combination of larger-than-expected major losses and reserving for Russia-Ukraine causing non-life earnings to miss consensus.
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News
Markel begins making distributions to CatCo investors
Markel has begun returning capital to investors in the Bermuda and London funds linked to its shuttered retro fund manager Markel CatCo Investment Management.
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News
Lockton Re’s Bisset: Florida market “already active” ahead of difficult renewal
Many submissions are already in the market ahead of what is expected to be a challenging Florida renewal season, according to Lockton Re’s Bob Bisset, with the placement of lower program layers expected to again prove challenging for homeowners cedants.
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News
Bermuda Risk Summit panel: Cyber retro must grow from “shot glass” of capacity
The cyber product needs to be separated out to attract more capacity, with systemic risks potentially being taken on separately by the retro market, according to a panel at the Bermuda Risk Summit.
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News
Pool Re upsizes terrorism cat bond to £100mn at renewal
Pool Re has completed the placement of its second ILS transaction – Baltic PCC Ltd – with the cat bond increasing in size to £100mn ($131.6mn) from the £75mn issued in 2019.
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News
Pool Re confirms placement of upsized £2.5bn XoL treaty
UK terrorism mutual Pool Re has confirmed it has completed the placement of its excess of loss (XoL) retro program, which for the first time has surpassed a record £2.5bn ($3.4bn) of limit, as this publication revealed earlier this week.
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News
Pool Re upsizes 1.3 XoL treaty to reach new £2.5bn milestone
UK terrorism mutual Pool Re has completed its XoL retro program and for the first time surpassed a record £2.5bn ($3.4bn) of limit ceded to traditional and collateralised markets.
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News
Investors back improved Markel-funded CatCo run-off scheme
A majority of investors have thrown support behind Markel’s improved buyout proposal for Markel CatCo Investment Management, which will return capital to investors in the retro fund manager’s Bermuda and London funds.
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News
Everest’s Williamson: Retro dislocation “will play through into the Florida renewals”
Everest Re’s Jim Williamson has commented that the retro dislocation that was a big theme at 1 January “will play through into the Florida renewals”, with the Bermudian (re)insurer potentially able to deploy capital selectively to take advantage of the resulting rate increases.
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Analysis
Retro paths diverge as European reinsurers tackle volatility challenge
While only two of Europe’s big four reinsurers – Hannover Re and Scor – have to date provided guidance as to the outcomes of their dealings at 1 January, the companies have shown notable differences in their strategies to address earnings volatility amid surging retrocession costs.
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News
RenRe’s Upsilon 1.1 raise fell to $89mn amid investor retro scepticism
RenaissanceRe has revealed it raised just $89mn for its retro-focused Upsilon ahead of 1 January, compared with $470.3mn the previous year, after CEO Kevin O’Donnell previously said the vehicle had been downsized due to losses and trapped capital, while its DaVinci Re vehicle was significantly upsized.
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News
ARPC renews simplified A$3.475bn terrorism retro program
The Australian Reinsurance Pool Corporation (ARPC) has completed the placement of its A$3.475bn ($2.48bn) terrorism retrocession program for 2022.
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News
Scor grows sidecar capacity to $300mn following Atlas Gotland launch
Paris-headquartered Scor has confirmed it increased its sidecar capacity to $300mn at 1 January, with the carrier having most recently launched a property and retrocession-focused vehicle backed by Swedish pension fund Alecta.
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News
Markel CatCo reports favourable development on 2017-18 cat losses
Markel CatCo’s London-listed CatCo Reinsurance Opportunities Fund has recovered more value for its investors, citing favourable development related to 2017 and 2018 catastrophe loss events.
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News
Markel improves CatCo run-off scheme to quash investor challenge
Markel CatCo Investment Management (MCIM) has improved the terms of the buyout proposal for its retro reinsurance investment funds, after a settlement was reached with investors to withdraw from legal action in the US courts.
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News
Hannover Re scales back retro protection at “challenging” renewal
Hannover Re’s retro program contracted by more than €340mn ($384mn) at 1 January with the reinsurer citing “challenging” buying conditions as capacity tightened and retro rates pushed higher at renewal.
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News
RenRe: Retro shortage likely to drive more cat demand than S&P model change
Bermudian (re)insurers RenaissanceRe and Axis have responded to S&P Global Ratings’ proposed capital model changes by stating their own internal models dictate how they build portfolios, with RenRe’s Kevin O’Donnell suggesting a lack of retro will create more opportunity than any increase in demand from the rating agency’s changes.
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News
RenRe: Retro vehicle Upsilon shrinks available 1.1 limit but DaVinci and Medici grow
RenaissanceRe confirmed the shrinkage of its managed Upsilon retro vehicle at 1.1 but said the significant fundraising during 2021 and at the start of 2022 that grew its JV DaVinci and cat bond fund Medici was testament to its Capital Partners unit and the Bermudian’s track record over 20 years.
