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Sidecars
By Sam · 6 min read · Oct 23
Berkley Warns Casualty Sidecar Fine Print Decides Who Holds the Tail
W. R. Berkley's CEO told analysts to read casualty sidecar fine print for forced commutation and the security behind it, as AM Best counts over $2 billion raised since 2024 and ties its tail-risk charge to exit terms.
By Sam · 6 min read · Oct 23
Reinsurance
HCI Pierces a $15M Tower 3 Retention as Isaias Claims Reach $582M
Florida counts 46,509 Isaias claims and $582M of insured loss six days after landfall, 88% still open. HCI says only Tower 3 was hit above a $15M retention, five times the $2.8M treaty retention in its June filing.
ReinsuranceNAIC Task Force Asks for PBR Reinsurance Collateral at the Ceded Block's Standalone Reserve
An NAIC Life Actuarial Task Force referral open to October 19 would set collateral for PBR business ceded to unauthorized reinsurers at the ceded block's standalone reserve, above the credit aggregation shrinks.
ReinsuranceBaden-Baden Opens With Cedants Pushing Attachment Points Down as Reinsurers' Share of Insured Losses Falls to 12%
Reinsurers paid about 12% of insured losses in 2025 against 20% in 2023, and European cedants reach Baden-Baden having retained most of a EUR 2.19B July hail loss, asking for lower attachments ahead of another rate cut.
Cat BondsLiberty Mutual Re Pays Mexico on the Quake That Missed Its $595M Cat Bond by 0.1 Magnitude
Mexico's July 17 M7.3 earthquake paid nothing on its World Bank cat bond, whose trigger starts at 7.4, but triggered Liberty Mutual Re's sensor-based parametric cover within weeks of inception. Same event, two answers.
ReinsuranceMarsh's Reinsurance Broking Revenue Falls 6% as Record Cat Bond Capital Shrinks the Broker's Take
Guy Carpenter's Q3 revenue fell 6% to $374 million while Marsh's primary broking grew 5%, the same quarter cat bond issuance set a $18.9 billion nine-month record and Swiss Re called the extra capital good news.
Cat BondsHannover Re Asks 2.7x Expected Loss for Kaiser's Workers' Comp Quake Bond as Cat Bond Spreads Fall 9.5%
Acorn Re 2026-1 seeks $200M of parametric earthquake cover for Kaiser Permanente's workers' comp captive at a 2.00% to 2.25% spread, a 2.7x multiple, while market cat bond spreads fell 9.5% in September.
ReinsuranceIsaias Lands as 2026's First Hurricane and Reinsurers Hold January 1
Hurricane Isaias hit near Destin at 105 mph with insured losses put at $4B to $6B by BMS, yet Gallagher Re says January 1 renewals will not move. OIR carrier exposure data shows why the loss stays with cedents.
ReinsuranceNAIC Working Group Rules Recapture Odds Out of Its Charge on $135 Billion of Offshore Life Reserves
The Life RBC Working Group's October 6 packet puts recapture probability outside its remit, so the new charge on $135 billion ceded to non-reciprocal jurisdictions turns on which collateral benchmark it adopts.
On the Wire
- Munich Re sees lower third-quarter profitBusiness Insurance · 17h ago
- Munich Re raises 2026 profit guidance to €6.6bn on strong preliminary Q3 resultsInsurtech Insights · 21h ago
- Low catastrophe losses drive Munich Re guidance raise ahead of soft renewalInsurance Business · 23h ago
- Alternative capital finds wider acceptanceBusiness Insurance · Just now
- Greenberg’s casualty sidecar revue: Who’s left holding the trash?Intelligent Insurer · 2d ago
- Prediction markets gain role in risk transferBusiness Insurance · Just now
- Munich Re raises full-year 2026 profit target as Q3 result well-above consensusArtemis · 23h ago
- Selective’s casualty reserves stabilize as it prices out weaker commercial accountsInsurance Business · 23h ago
- Universal’s reinsurance bill falls as Florida market turns a cornerInsurance Business · Yesterday
- Auto switching hits record high as personal lines shopping levels offInsurance Business · Yesterday
- DZ Bank ditches slotting approach for project finance exposuresRisk.net · Yesterday
- Chubb enters Bermuda’s high-net-worth life insurance marketIntelligent Insurer · Yesterday
- Verve launches US professions unit with hire from FaradayIntelligent Insurer · Yesterday
- Moody’s sets up casualty group as liability risks outpace dataIntelligent Insurer · Yesterday
- Willis deploys global defence initiative with military spending set to reach $6.6trnIntelligent Insurer · Yesterday
Renewal Rounds Risk-adjusted price change on renewed business · Mid-year 2026
Full round history →
Mid-year 2026
Every reporting reinsurer priced the latest book down. Munich Re −5.5% on −9.1% volume; Hannover Re −4.5% on +12.3% volume.
Munich Re
−5.5%
vol −9.1%
Mid-year 2026
Hannover Re
−4.5%
vol +12.3%
Mid-year 2026
Munich Re
−2.5%
vol −7.8%
Jan 2026
Hannover Re
−3.2%
vol +3.3%
Jan 2026
Price change on renewed business as disclosed by each reinsurer, risk-adjusted (Hannover Re additionally inflation-adjusted). Round windows differ by reinsurer; see each entry. Volume change shown under each figure; ▲ marks volume growth. Every figure links to its source release on the P&C Pricing Pulse.
Reinsurer Earnings Latest reinsurer filings · Q2 2026
All filings →
Q2 2026
6 reinsurers have reported. Median combined ratio 92.2, with 4 of 6 improving vs. PY and all 6 underwriting below 100.
RenaissanceRe
72.8CR
2.3pt vs PY
Q2 2026
Everest
91.5CR
4.9pt vs PY
Q2 2026
Arch Capital
98.5CR
5.1pt vs PY
Q2 2026
AXIS Capital
93.1CR
4.2pt vs PY
Q2 2026
Combined ratios as reported in each carrier's most recent 10-Q. Lower is better; ▼ marks improvement vs. the prior-year period. Latest filing August 4, 2026.
Cat Watch Active perils & recent federal declarations
NHC & FEMA →Declared
Tropical Storm Champi
Oct 17
Declared
3
Designated areas
Declared
Norte Fire
Oct 16
Declared
1
Designated area
Declared
Hurricane Isaias
Oct 9
Declared
100
Designated areas
Declared
Severe Storms And Tornadoes
Oct 7
Declared
4
Designated areas
Declared
Hurricane Lowell
Oct 7
Declared
2
Designated areas