Your weekly re/insurance round-up, ending September 23rd 2022

This week, the specialist Lloyd's re/insurance marketplace held its Q3 market update, during which?Patrick Tiernan urged participants to pay close attention to reinsurance.?

The Lloyd's Chief of Markets also said that?it's not yet a universally hard market, as analysts noted?a potential capacity crunch?in the reinsurance sector.??

After?hurricane Fiona's?landfall in Puerto Rico?on September 18 as a Category 1 storm, AM Best said insured losses are expected to be manageable.?

On the same day,?Typhoon Nanmadol hit the Japanese island of Kyushu, and Twelve Capital warned that the storm is likely to causes losses high enough to attach at least some higher-risk reinsurance programs.

Against this backdrop,?Munich Re?is aiming to “push the boundaries of insurability”?in its efforts to help understand and mitigate the impacts of climate change.

Reinsurance News also reported this week that?Swiss Re is certain?that cyber will become a prominent line of business.

We also spoke with the CEO of NewRe, who explained that he expects?a “work-intense” renewal due to the significant uncertainties currently holding sway over the market.

Also this week,?Price Forbes?launched its new Peruvian subsidiary?alongside an announcement of its key leadership team.

The board of directors at CCR?passed a set of resolutions to drive growth at its reinsurance subsidiary, CCR Re, while?Tremor?launched a fully featured Sandbox version of its marketplace.

In Turkey,?Milli Re had its credit ratings downgraded by ratings agency AM Best.?

Monument Re agreed the novation of a retrocession agreement from Enhanzed Re, a subsidiary of Enstar Group.

In the UK, the PRA said that it is “paying close attention” to the potential for concentration risk due to insurers’ reliance on reinsurance.

We’ll continue to update you with more coverage on the major developments from this week, while also keeping up with the regular news coming out of the re/insurance industry.

We hope all our readers stay safe and well this weekend!