Best of Artemis, week ending 10th December 2017

December 11, 2017

Here are the ten most popular news articles, week ending 10th December 2017, covering catastrophe bonds, ILS, reinsurance capital and related risk transfer topics. To ensure you never miss a thing subscribe to the weekly Artemis email newsletter updates.

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CEA passes 1 million quake policies, with help of risk transfer

December 8, 2017

The California Earthquake Authority (CEA), the not-for-profit residential earthquake insurance provider in the state, has reached a new milestone as it now insures more than 1 million homes across California, growth that has been assisted by the use of traditional reinsurance and risk transfer from the capital markets.

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Hurricanes could signal beginning of a new chapter for ILS: Milliman

December 8, 2017

In the future, the industry might well look back at hurricanes Harvey, Irma, and Maria as the start of a new chapter for the alternative capital, or insurance-linked securities (ILS) market, according to Aaron Koch, Director, Insurance-Linked Securities Group, P&C Division, Consulting Actuary, Milliman.

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Munich Re redeems one Eden Re II sidecar, discusses commuting another

December 8, 2017

Reinsurance giant Munich Re has made an early redemption of the two classes of notes from its $290 million Eden Re II Series 2015-1 collateralized sidecar vehicle, which we’re told is likely due to commutation of underlying retrocession contracts following losses from recent catastrophe events.

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IAG sets up 12.5% quota share with Munich Re, Swiss Re and Hannover Re

December 8, 2017

Australian primary insurance group IAG has entered into a five-year 12.5% quota share arrangement with reinsurance giants Munich Re, Swiss Re and Hannover Re, in a transaction that will see the insurer passing on more of the risks it underwrites, while the reinsurers benefit from gaining access to diversifying risks.

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Markel CATCo adds another $3.37m to listed fund, targets $6bn in 2018

December 8, 2017

Markel CATCo Investment Management Ltd. has raised further capital for its stock exchange listed retrocessional ILS investment strategy, adding another small $3.37 million increment, as the manager targets reaching $6 billion in assets under management during 2018.

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Leadenhall hires new Fund Operations Analyst

December 7, 2017

Leadenhall Capital Partners, the non-life and life insurance and reinsurance linked securities fund manager, has added another new hire to its team, naming Amee Karlstrom as a new joiner within the ILS managers operations, taking on the role of Fund Operations Analyst.

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XL sees $200m California wildfire loss, primarily from reinsurance unit

December 7, 2017

Insurance and reinsurance group XL, which trades under the XL Catlin brand, has announced an estimate of its fourth-quarter 2017 catastrophe losses, putting the bill at $250 million, around $200 million of which is due to California wildfire losses suffered by the firms reinsurance unit.

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Company loss estimates to increase in 2018, fuel rising prices: Jefferies

December 7, 2017

The gap between company reported insurance and reinsurance industry losses and the estimates of industry losses is seen as around $20 billion by analysts at Jefferies, a figure which they believe will get filled in as some company estimates are expected to rise in 2018, which could add additional fuel to rising reinsurance prices next […]

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California wildfire claims pass $9.4bn, suggests growing industry loss

December 7, 2017

The California Department of Insurance has released its data on insurance claims filed due to the California wildfires in October, putting the total at above $9.4 billion, a number which suggests the final industry loss to insurance and reinsurance interests is likely above current estimates.

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Leadenhall grows ILS assets 29% to $4.5 billion

December 7, 2017

Leadenhall Capital Partners, the London headquartered insurance and reinsurance linked securities fund manager, has grown its ILS assets under management significantly this year, rising 29% from $3.5 billion at the start of 2017 to now sit at $4.5 billion.

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Validus sponsoring $325m Tailwind Re 2017 catastrophe bond

December 7, 2017

Bermudian reinsurance group Validus Holdings is sponsoring its first full catastrophe bond issuance with the launch to the ILS market of a $325 million Tailwind Re Ltd. (Series 2017-1) transaction, as it seeks to add more capital markets backed retrocession to its coverage.

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AIR almost halves hurricane Maria loss estimate to $27b – $48b

December 7, 2017

Catastrophe risk modelling firm AIR Worldwide has almost halved its estimate for insurance and reinsurance industry losses from hurricane Maria, dropping the range from the initial $40 billion and $85 billion it had announced in September, to now estimate somewhere between $27 billion and $48 billion of industry losses.

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Markel CATCo promotes Alissa Fredricks to CEO, Bermuda

December 7, 2017

Reinsurance and retrocession linked asset manager Markel CATCo Investment Management Ltd. has promoted Alissa Fredricks to the newly created role of Chief Executive Officer, Bermuda, which will see her take responsibility for the firms operations on the island.

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Total return reinsurer Sandell Re & SOBC in new legacy acquisition

December 6, 2017

The joint-venture legacy or distressed run-off and commutation insurance and reinsurance entity formed by total-return reinsurer Sandell Re and legacy specialist SOBC Corp. has entered into a new acquisition, purchasing 100% of the stock of American Safety Risk Retention Group, Inc. of Vermont.

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