Archive for December, 2021

Here are the ten most popular news articles, week ending December 19th 2021, 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.

Former CATCo CEO Tony Belisle is back in court after another investor vehicle filed a fraud lawsuit in Florida alleging that he misrepresented the risks of an investment in the Markel CATCo retrocessional reinsurance investment strategy.

United Insurance Holdings (UPC Insurance) continues to exit homeowners insurance in certain states and accelerate its shift towards commercial property insurance business, with the latest move being to transfer personal lines business in the three Southeast states of Georgia, North Carolina and South Carolina to HCI Group.

After November 2021, full-year catastrophe and severe weather losses were estimated to be running around 48% ahead of the long-term 2008 to 2020 average, according to analysts at investment bank Jefferies.

After the deadly impacts of the tornado outbreak just about a week ago, the United States has been hit by another historic weather event in recent days, as an “explosive cyclogenesis event” struck the Upper Midwest, which adds to ramifications for the reinsurance renewals.

In 2022, there is a strong chance Florida’s Citizens Property Insurance Corporation buys more private market risk transfer in the form of reinsurance and catastrophe bonds through its Everglades Re program, although the Board has directed a review of risk transfer versus pre-event financing to see how money can be saved.

The new catastrophe bond issuance for ARX Holding, the Progressive-owned parent of American Strategic Insurance Group, has now been fixed at a smaller $80 million size, while one tranche of notes are not being issued at all, and the price for the remaining tranche of Bonanza Re Ltd. (Series 2021-1) cat bond notes has been […]

French mutual insurer Covéa and Italian holding company EXOR have now signed a definitive agreement on the sale of PartnerRe, with the insurer to pay $9 billion to acquire the reinsurance firm, while EXOR will now take over and continue the special purpose vehicle reinsurance investment agreements that were in place.

We’re told that the latest catastrophe bond to be sponsored by Hannover Re, the $100 million aggregate retrocession deal 3264 Re Ltd. (Series 2022-1), has now been priced and the coupon has fixed at the top-end of the already revised upwards guidance.

As participants in the insurance, reinsurance and insurance-linked securities (ILS) industry grapple to understand the extent of their possible exposure to the severe convective storms and tornadoes of recent days, AM Best has warned that loss events like this will drive a re-examination of aggregate reinsurance pricing and supply.