Archive for May, 2023

Ledger Investing, the insurance technology (insurtech) and insurance-linked securities (ILS) focused company, is reportedly set to be used as a vehicle through which to source capacity to support UK motor insurtech Pukka as it hunts for new reinsurance capital sources.

Velocity Risk Underwriters, a catastrophe exposed property insurance specialist managing general agency (MGA) operation that was originally set up by ILS manager Nephila Capital is set to acquire one of the fronting carriers from State National that had previously been a source of paper for underwritten business that was channelled to Nephila’s funds.

Ariel Re, the global reinsurance company that is a consistent user of third-party and ILS capital, has announced the hiring of a former employee to a key role, with Katie Partington Howarth to rejoin the company as Chief Capital Officer.

A 2023 Atlantic hurricane season forecast from the UK Met Office is calling for a high level of tropical storm activity this year, with an above normal number of hurricanes and major hurricanes expected to form, the first of the forecasters we track to suggest a more active season is coming.

Having reported favourable development of its side pocket loss reserves through the final quarter of 2022, the CATCo retrocessional reinsurance investment portfolio saw this trend continue in Q1 of 2023 as well, with further gains made.

Regular catastrophe bond sponsor State Farm is exiting the California property insurance market, ceasing to write business and personal P&C property as it cites exposure growth, rising catastrophe risks and reinsurance market challenges as reasons for the move.

Here are the ten most popular news articles, week ending May 28th 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.

France headquartered global reinsurance company SCOR hailed the successful placement of its $75 million Atlas Capital DAC (Series 2023-1) multi-peril retrocession catastrophe bond, while noting that the reduced size, compared to previous cat bonds, is in line with its efforts to reduce its overall catastrophe exposure.

Coastal property managing general underwriter SageSure’s latest catastrophe bond, the Gateway Re Ltd. (Series 2023-2) deal, has now been finalised to provide an upsized $100 million of reinsurance for the SureChoice and Elevate reciprocal exchanges, while the notes priced below the initial guidance, we’re told.

Bill Dubinsky, Chief Executive Officer of Gallagher Securities, has cautioned that building in more ESG features is potentially helpful but “by no means a guaranteed win-win” for the catastrophe bond product, or for ILS more generally.