Archive for May, 2023

The momentum seen in the reinsurance market at renewals so far in 2023 is expected to continue at the mid-point of the year, with demand expected to be high and a number of key issues likely to be discussed, from pricing and terms, to catastrophe frequency and the impacts of secondary perils, according to Swiss […]

Trading of catastrophe bond notes in the secondary market has picked up in the last few weeks as cat bond fund managers and investors look to adjust their portfolios to accommodate the brisk flow of newly issued deals, helped in part by a record over $2 billion of issuance in April 2023, by Artemis’ numbers.

Eclipse Re Ltd., a private syndicated collateralised reinsurance note, private catastrophe bond issuance and reinsurance transformer platform owned and operated by Artex Capital Solutions, has completed the issuance of two private cat bond arrangements totalling almost $18.8 million of risk capital issued.

New Zealand based insurance company Tower Limited has updated its loss estimates for the local severe flooding and cyclone Gabrielle, now believing it could make reinsurance recoveries of as much as $276 million for the two events.

Despite writing more business at the April renewals this year, Berkshire Hathaway’s property catastrophe reinsurance book is “very unbalanced” according to Ajit Jain, with the giant insurance and reinsurance balance-sheet still significantly exposed to Florida hurricanes.

Here are the ten most popular news articles, week ending May 7th 2023, 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.

Speaking with Artemis in a recent video interview, Jorge Familiar, Vice President and Treasurer of the World Bank explained that client country demand for catastrophe bonds and risk management arrangements will likely rise, while he also expects that markets will be there to support these issuances.

Reinsurance carriers participating in the lowest layer of FEMA’s National Flood Insurance Program (NFIP) reinsurance tower are now at-risk of losses, as the NFIP’s claims from hurricane Ian have surpassed $3.9 billion, nearing the $4 billion trigger.

Florida’s property insurance carriers face a challenging final few weeks up to their main reinsurance renewal and some insurers are taking steps to lower their exposure through the restriction of coverage, or availability of their policies, we’re told.

Demonstrating the attactiveness of insurance-linked securities (ILS) investments at this time, the Eurekahedge ILS Advisers Index has delivered its highest returns for a first-quarter of any year since 2007.