Archive for April, 2024

Today we are delighted to announce the first wave of speakers for our next catastrophe bond and insurance-linked securities (ILS) market conference, ILS Asia 2024, which takes place on July 11th at the Suntec Convention Centre in Singapore.

Arbol, a technology-led underwriter of parametric risk transfer, climate and weather insurance or reinsurance business, has raised a $60 million Series B round, as it looks to scale parametric insurance in response to what it sees as increasing climate related risks, while also helping to make that risk into an investable asset class.

Cayman Islands based collateralized reinsurance company Northern Reinsurance SPC, Ltd. (Northern Re) has hired its first Chief Underwriting Officer (CUO), attracting former Everest Group employee Vincent Pomo to join the growing company.

Having reached $1.7 billion in assets under management at the beginning of this year, Aspen Capital Markets, the third-party and alternative reinsurance capital management unit of global re/insurer Aspen, earned 10% more in fee income through the first-quarter of 2024.

Palomar Insurance Holdings has returned to the catastrophe bond market for what will be its fifth and also potentially its largest issuance, seeking $400 million or more in California earthquake reinsurance from the capital markets with this Torrey Pines Re Ltd. (Series 2024-1) issuance.

Heritage Insurance Holdings, Inc. has now finalised its catastrophe excess-of-loss reinsurance renewal for the coming year and the top of its reinsurance tower stretches to $1.3 billion, with increased protection for the southeast US, while shrinking coverage for the northeast US and Hawaii.

The Government of Mexico is looking to upsize its Pacific named storm protection from its latest tranche of World Bank and IBRD facilitated catastrophe bond notes, with now up to $175 million in parametric disaster insurance protection sought from the deal.

Nephila Capital, the insurance-linked securities (ILS) investment manager owned by Markel, has now successfully secured $90 million in aggregate industry-loss index based retrocessional reinsurance for its flagship Lloyd’s syndicate 2357, through its Atela Re Ltd. (Series 2024-1) catastrophe bond issuance.

Broking giant Aon has estimated that global insured catastrophe losses amounted to at least $17 billion in the first-quarter of 2024, which was slightly above average by its measure.

Property Claim Services (PCS), the provider of industry loss estimates and loss data globally and a unit of Verisk, has designated two cyber attacks as PCS Cyber Catastrophe Loss Events, meaning they are each expected to result in more than US $250 million of industry insured losses, Artemis has learned.