Re/insurers

Court filings indicate use of “phony phone numbers” and creation of a “wholly fictitious person” in the letters of credit fraud that has engulfed Vesttoo.

The ratings agency said the reinsurance market was ‘the hardest in decades’ amid tightened terms and conditions as well as increased rates.

Super Typhoon Saola has the potential to be one of the five largest typhoons to land in Guangdong in over 70 years, according to reports.

Mark to market investment losses and decreased capital allocation in high volatility lines are contributing to an ongoing hard market for reinsurance.

More than half of the top 20 global reinsurers maintained or reduced their natural catastrophe exposures during the January 2023 renewals.

The broker said that capital levels should stabilise at previous levels, given a normal second half.

Homeowners’ and commercial insurance policies typically exclude floods, mudslides, debris flow and other similar disasters unless directly or indirectly caused by a recent wildfire.

The carrier was originally in the market for extra capacity at January 1 before pulling plans.

Loss estimates from Aon, Gallagher Re, Swiss Re and Munich Re all point to a significant component of severe convective storm losses.

Most forecasters now predict above-average storm activity for the Atlantic as a result of record-high sea-surface temperatures.

Primary market, reinsurance and ILS will all need to prove themselves before capital flows back in, said LCM CEO Paul Gregory.

The executive also lambasted the growing tide of corporate regulation in Germany and the EU.