Reinsurance

New York's Metropolitan Transportation Authority (MTA), the biggest transportation network in North America, is selling a $125 million catastrophe bond designed to cover the costs of damage from a future storm or hurricane.

In a mixed month for insurance-industry employment, P&C carries added 1,100 jobs in May while agents and brokers shed jobs for the sixth straight month, albeit at a slower rate.

The capital markets have pushed traditional reinsures out of the driver's seat in setting U.S. catastrophe reinsurance rates, according reinsurance broker Guy Carpenter & Co.

A group of reinsurers tracked by the Reinsurance Association of America in 2012 recorded a level of net premiums written not seen for about a decade.

Munich Re formed a $75 million catastrophe bond to address named storm exposure in the U.S and cyclones affecting Australia.

Traditional reinsurers have taken defensive actions against alternative-capital competition, meaning the increased supply of capital created through insurance linked securities (ILS) is chasing slower growth in demand, especially in the U.S. Property Catastrophe insurance market, a new report says.