It is right that reinsurers are finding it harder to fly under the radar

Reinsurers are wary of climate change risks such as these luxury beach homes collapsing under heavy waves caused by Hurricane Nicole in Florida. Photograph: iStockThese groups, which insure insurers, are often centuries old and play a vital role in spreading risk, making it less likely that a surge in claims will be fatal for their insurer clients, ultimately protecting insurers’ customers too.

Bermuda, a hub for global reinsurance, has come under increasing scrutiny from regulators elsewhere for its oversight of life groups Some industry figures say reinsurers need to care about the pressures on property insurers that provide them with a chunk of their business. But state-backed insurers of last resort, which have expanded as private insurers pull back from some areas, are also big buyers of reinsurance.

Recent years have witnessed the rise of what is known as asset-intensive reinsurance or funded reinsurance. In such deals, life insurers offload, often to a reinsurer in a foreign jurisdiction, what is essentially a chunk of their liabilities, plus the assets that support those future promises. Earlier this year, US insurance group A-Cap said it would attempt to take back control of assets ceded to 777 Re after the reinsurer had its credit rating downgraded, and US and Bermuda regulators have been working to disentangle A-Cap and 777.

What unites the two types of reinsurers, senior industry figures say, is a lack of contact with the consumers that they ultimately support.

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