Best of Artemis, week ending 12th August 2018

August 13, 2018

Here are the ten most popular news articles, week ending 12th August 2018, 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 or get our email alerts for every article we publish.

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Arch seeks $653.3m Bellemeade Re 2018-2 mortgage ILS cover

August 10, 2018

Bermudian insurance and reinsurance group Arch Capital is back in the insurance-linked securities (ILS) and capital market for another and even larger slice of collateralized reinsurance for its mortgage insurance book, marketing a $653.3 million Bellemeade Re 2018-2 Ltd. transaction.

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More ILW’s to pay out on latest hurricane Irma industry loss increase

August 10, 2018

A number of industry-loss warranty (ILW) contracts providing retrocessional reinsurance are set to pay out after the latest updates to third-party data providers estimates of insurance industry losses caused by last year’s hurricane Irma.

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Droughts, wildfires & floods cost over $7.3bn in July: Aon

August 10, 2018

Severe droughts, wildfires and flooding from torrential rain and typhoons have combined to cause in excess of $7 billion of economic losses in July 2018, with the insurance and reinsurance industry set to pay its share of the global bill.

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Underlying diversity a hallmark of H1 2018 cat bond issuance

August 10, 2018

Catastrophe bond and insurance-linked securities (ILS) issuance in the first-half of 2018 covered an unprecedented level of Latin America risks, as transactions focused on North America declined by almost half year-on-year, according to Property Claim Services (PCS).

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Watford Re grows premiums again in Q2 2018, combined ratio nears 100

August 10, 2018

Watford Re, Bermudian specialist re/insurer Arch Capital and asset manager Highbridge Principal Strategies third-party capital backed total-return reinsurance venture, continued its trend towards portfolio growth in the second-quarter, reporting another 15% jump in premiums underwritten.

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Thorough testing part of the process for new ILS jurisdictions

August 9, 2018

There are a number of new domiciles and jurisdictions for locating and housing insurance-linked securities (ILS) transactions coming into view, but they will all have to go through the thorough testing that is required to ensure their robustness and flexibility, before success can be guaranteed.

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Re-evaluation of California wildfire risks required: A.M. Best

August 9, 2018

A re-evaluation of California wildfire risks is required as the “highly destructive current and 2017 wildfires” have largely occurred in areas typically classified as low to moderate risk by insurance and reinsurance interests, leading A.M. Best to suggest that “improved loss-reduction strategies” need to be adopted to reflect this “new normal.”

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Beazley’s SPA 5623 to give investors diverse risks, including liability

August 9, 2018

Lloyd’s specialist insurance and reinsurance player Beazley’s special purpose arrangement (SPA) syndicate 5623 is set to offer its third-party investor backers access to a broad and diverse range of risks, with the facilities access likely to mean risks in the portfolio that typical ILS funds or strategies do not underwrite.

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Hannover Re grows P&C book by 19% amid “fierce competition”

August 9, 2018

German reinsurance giant Hannover Re has continued to expand its underwriting portfolio in property & casualty reinsurance, increasing gross premiums written by over 19% in the second-quarter, but citing “fierce competition” and the effects of alternative capital in markets such as Florida.

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Primary insurance risk a growth area for ILS: WTW Securities

August 8, 2018

As capital market investors increasingly look to access the relatively uncorrelated returns of insurance and reinsurance risk, their appetite is driving market expansion further into primary sources of insurance risk, with insurance now becoming a key area of growth for the ILS market.

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Cat bonds hit $11bn in 2018, market reaches $36bn outstanding

August 8, 2018

The volume of new catastrophe bonds and related insurance-linked securities (ILS) transactions tracked by Artemis in 2018 has now reached $11 billion, outpacing 2017’s issuance so far, while at the same time the outstanding market has continued to grow to reach a new high of $36 billion.

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Aspen names Issavi to lead reinsurance, as Lillelund set to depart

August 8, 2018

Bermudian specialty insurance and reinsurance firm Aspen Insurance Holdings Limited is promoting Emil Issavi, currently President and Chief Underwriting Officer of Aspen Re, to become the leader for its global reinsurance business, as the previous CEO of Aspen Re is set to depart the firm.

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Prudential reinsures $1.4bn of pension longevity risk for Aviva

August 8, 2018

Prudential Retirement, part of Prudential Financial, Inc. has entered into an agreement to reinsure roughly $1.4 billion (UK £1bn) of pension liability related longevity risk for Aviva Life and Pensions U.K. Ltd., the first such transaction between the two life, pension and annuity giants.

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Munich Re grows premiums written by 42% at July renewals

August 8, 2018

Reinsurance giant Munich Re continues to plough ahead with its growth strategy in the slightly better pricing environment, reporting today that it underwrote 42% more premiums at the July renewal at pricing that was less than 1% better across the portfolio.

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