Swiss Re

Severe thunderstorms account for up to 70% of all insured natural catastrophe losses in first half of 2023, Swiss Re Institute estimates

Retrieved on: 
Wednesday, August 9, 2023

Martin Bertogg, Head of Catastrophe Perils at Swiss Re, said: "With severe thunderstorms as the main driver for above-average insured losses in the first half of 2023, this secondary peril becomes one of the dominant global drivers of insured losses.

Key Points: 
  • Martin Bertogg, Head of Catastrophe Perils at Swiss Re, said: "With severe thunderstorms as the main driver for above-average insured losses in the first half of 2023, this secondary peril becomes one of the dominant global drivers of insured losses.
  • This means that insured losses are almost twice as high in a six-month period as the annual average of the last ten years (USD 18.4 billion).
  • In the US, a series of severe thunderstorms prompted insured losses of USD 34 billion in the first half of 2023, the highest ever insured losses in a six-month period.
  • According to Swiss Re, insured losses are estimated at USD 5.3 billion, whereas the preliminary economic losses are at USD 34 billion, estimates the World Bank.

SageSure and Captive Reinsurer Anchor Re Close $50 Million Catastrophe Bond

Retrieved on: 
Monday, July 24, 2023

SageSure , one of the largest independent managing general underwriters focused on providing catastrophe-exposed property insurance and Anchor Re, a captive reinsurance vehicle, today announced the successful close of Anchor Re’s debut $50 million catastrophe bond.

Key Points: 
  • SageSure , one of the largest independent managing general underwriters focused on providing catastrophe-exposed property insurance and Anchor Re, a captive reinsurance vehicle, today announced the successful close of Anchor Re’s debut $50 million catastrophe bond.
  • Anchor Re’s debut catastrophe bond is unique in the insurance-linked securities (ILS) market because it is structured to use Property Claim Services (PCS) county-level catastrophe loss reporting in the trigger.
  • “We’re excited to see strong investor support for Anchor Re’s first catastrophe bond,” said Travis Lewis, Director of Anchor Re.
  • Earlier this year, SageSure supported SURE in the $355 million Gateway Re 2023-1 catastrophe bond, the $100 million Gateway Re 2023-2 second and subsequent event catastrophe bond, and SafePort’s debut $125 million Gateway Re II 2023-1 catastrophe bond.

Swiss Re structures Blackstone's first indemnity catastrophe bond

Retrieved on: 
Thursday, July 20, 2023

The transaction is Blackstone's first indemnity catastrophe bond and covers named storms and earthquakes in the United States and Canada.

Key Points: 
  • The transaction is Blackstone's first indemnity catastrophe bond and covers named storms and earthquakes in the United States and Canada.
  • Jean-Louis Monnier, Head of ILS at Swiss Re, comments: "Swiss Re Capital Markets is proud to have set a milestone with the structuring of Blackstone's first indemnity issuance.
  • It is the first corporate catastrophe bond covering named storms on an indemnity basis, and the first corporate catastrophe bond covering multiple countries.
  • Further information on forward looking statements can be found in the Legal Notice section of Swiss Re's website .

Club Vita Hires Natalie Gleed to Support Growing US Pension Risk Transfer Activity

Retrieved on: 
Thursday, July 13, 2023

Club Vita, an international leader in longevity data analytics, today announced the hiring of Natalie Gleed as Head of Business Development, US.

Key Points: 
  • Club Vita, an international leader in longevity data analytics, today announced the hiring of Natalie Gleed as Head of Business Development, US.
  • Gleed’s hire was in response to growing demand for longevity analytics to support Pension Risk Transfer activity in the US and Club Vita’s increasing presence in this market; she will be responsible for driving the adoption of Club Vita’s product suite and analytics in this area.
  • After establishing operations in the US in 2019, Club Vita’s analytics are now used by 14 of the 21 direct writers of US PRT business, and a growing number of reinsurers are also turning to Club Vita’s expertise to support their US operations.
  • “My previous experience in the industry, both in the US and in the UK, have prepared me perfectly to bring Club Vita’s offering to the US market, and to help develop further innovations within Club Vita.”
    “We are thrilled to welcome Natalie to the Club Vita,” said Jennifer Haid, CEO at Club Vita.

Emerging Asia to drive global economic growth, says Swiss Re

Retrieved on: 
Monday, July 10, 2023

With the reopening of China's economy this year leading to a recovery in demand, Swiss Re forecasts emerging Asia to grow by 5.4% in 2023/24.

Key Points: 
  • With the reopening of China's economy this year leading to a recovery in demand, Swiss Re forecasts emerging Asia to grow by 5.4% in 2023/24.
  • Swiss Re's global economic growth forecasts are below consensus at 2.3% this year and 2.3% in 2024.
  • Global economic growth is largely supported by emerging Asian markets, including countries such as India, Thailand, Indonesia and Malaysia, which are set to boom in the coming years.
  • This year's recovery in China will have limited spill over impact on the global economy," said Li Xing, Head of Insurance Market Analysis at Swiss Re.

What if there was a shortcut through the Arctic? Swiss Re identifies new emerging risks

Retrieved on: 
Thursday, June 15, 2023

One key emerging risk identified in the SONAR report that spans across technological, economic, social and environmental issues is the "Arctic opening".

Key Points: 
  • One key emerging risk identified in the SONAR report that spans across technological, economic, social and environmental issues is the "Arctic opening".
  • However, the area is a hotspot for potential geopolitical tension, provoking concerns over how economic activities and related risks will be controlled in the region.
  • Patrick Raaflaub, Swiss Re's Group Chief Risk Officer, says: "The concurrent increases in economic interests, environmental change and geopolitical tensions make the Arctic a hotbed for emerging risks and potential risk accumulation.
  • Further information on forward looking statements can be found in the Legal Notice section of Swiss Re's website .

CompScience Intelligent Safety Platform applies AI to Improve Working Conditions in the Global Supply Chain with Swiss Re

Retrieved on: 
Tuesday, June 6, 2023

CompScience’s Intelligent Safety Platform helps companies achieve Environmental, Social and Governance (ESG) goals by making work safer, part of the hard-to-measure social impact.

Key Points: 
  • CompScience’s Intelligent Safety Platform helps companies achieve Environmental, Social and Governance (ESG) goals by making work safer, part of the hard-to-measure social impact.
  • “With better data on supply chain working conditions, organizations know where safety investments can have real impact instead of being an afterthought.
  • “Working Capital Innovation Fund invested in CompScience because safety problems in workplaces around the globe are rampant and systemic.
  • CompScience’s Intelligent Safety Platform has detected nearly 2M potential incidents thus far, and the CompScience customer count grew by 5x in the last year.

SageSure and SURE Close $100 Million Second Event Catastrophe Bond

Retrieved on: 
Wednesday, June 7, 2023

SageSure , a leading provider of catastrophe-exposed property insurance, and SureChoice Underwriters Reciprocal Exchange (“SURE”), a policyholder-owned insurer, today announced that SURE has closed a $100 million catastrophe bond to provide reinsurance for second and subsequent events.

Key Points: 
  • SageSure , a leading provider of catastrophe-exposed property insurance, and SureChoice Underwriters Reciprocal Exchange (“SURE”), a policyholder-owned insurer, today announced that SURE has closed a $100 million catastrophe bond to provide reinsurance for second and subsequent events.
  • The catastrophe bond was upsized by 33 percent from the transaction’s initial $75 million target, with pricing more competitive than the initial guidance.
  • For SURE, the Gateway Re 2023-2 catastrophe bond marks its second return to the global insurance-linked securities (ILS) market in 2023, after closing the $355 million Gateway Re Series 2023-1 catastrophe bond in February.
  • “Catastrophe bonds have become an important source of additional catastrophe risk capacity for SageSure and our carrier partners,” said Terrence McLean, CEO and co-founder of SageSure.

Jordan Lotsoff Named Vice President of Fundamental Underwriters

Retrieved on: 
Wednesday, May 31, 2023

LANSING, Mich., May 31, 2023 /PRNewswire/ -- AF Group has announced Jordan Lotsoff as vice president of Fundamental Underwriters, establishing new leadership in the organization's growing brand which offers insurance products designed for trucking accounts, healthcare and non-profit organizations.

Key Points: 
  • LANSING, Mich., May 31, 2023 /PRNewswire/ -- AF Group has announced Jordan Lotsoff as vice president of Fundamental Underwriters, establishing new leadership in the organization's growing brand which offers insurance products designed for trucking accounts, healthcare and non-profit organizations.
  • AF Group has announced Jordan Lotsoff as vice president of Fundamental Underwriters.
  • With over 30 years of experience in the P&C market, Jordan most recently served as divisional chief underwriting officer for Everest Insurance Company.
  • "We're so pleased to welcome Jordan to the Fundamental team," said Kelly Fusner, president of Specialty Lines for AF Group.

Xchange Benefits to host Experience Xchange educational symposium

Retrieved on: 
Thursday, May 25, 2023

Xchange Benefits LLC, a property and casualty managing general underwriter specializing in accident and health insurance, today announced it will host an educational symposium, Experience Xchange, June 5-7 in Bloomington, Ind.

Key Points: 
  • Xchange Benefits LLC, a property and casualty managing general underwriter specializing in accident and health insurance, today announced it will host an educational symposium, Experience Xchange, June 5-7 in Bloomington, Ind.
  • The two-day event will take place at the Biddle Hotel and Conference Center at Indiana University.
  • It will also include a leadership training session led by Emily Shaw of sales and management consulting firm Lushin.
  • “The Experience Xchange is exactly what it says, an opportunity for valued partners to spend time with the Xchange team and to share valuable insights and experiences with each other,” McGuire said.