Archive for May, 2024

Today, Artemis’ data and charts on the catastrophe bond and related insurance-linked securities (ILS) market have been updated to accommodate the latest new Marlon deal and we’ve now cleared the $4 billion milestone for May 2024, while year-to-date issuance is tracking 38% ahead of the previous record for the first five months.

As the June 1st Florida reinsurance renewals come to their close, rating agency AM Best has said that it believes the pendulum remains “slanted toward reinsurers,” but also notes that some ground has been given, in terms of a less challenging renewals and moderated rate environment.

The landscape of insurance-linked securities (ILS) fund products is relatively broad and diverse, even though the majority of ILS funds are crowded into similar sizes and target similar levels of risk, meaning that, for investors, there is value in considering multiple ILS allocations, according to SIGLO Capital Advisors AG.

With pricing moderated slightly at the mid-year reinsurance renewals, analysts at Fitch Ratings note that this shouldn’t be construed as softening, saying that terms and conditions are holding firm and discipline is expected to persist.

Universal Insurance Holdings, Inc. has purchased first-event catastrophe reinsurance coverage of up to $2.4 billion, down from the previous year’s just over $2.8 billion, citing no material changes to reinsurance partners and ILS manager Nephila Capital again named as a significant market for the company.

HCI Group Inc. has secured $2.7 billion in aggregate reinsurance limit for its main P&C insurance underwriting subsidiary Homeowners Choice Property & Casualty Insurance Company, Inc. subsidiary and for its digital insurtech company TypTap at the renewals.

With tickets selling quickly for our upcoming ILS Asia 2024 conference in Singapore on July 11th, Early Bird spaces for the catastrophe bond and insurance-linked securities (ILS) market conference are running low and the rate will end soon.

In commenting on the recent successful issuance of a $175 million Atlas Capital DAC (Series 2024-1) catastrophe bond, the second from that Irish special purpose vehicle, SCOR’s CFO and Deputy CEO François de Varenne has highlighted the “efficiency gains made.”

According to Howden Re, the reinsurance broking arm of Howden, property catastrophe reinsurance rates-on-line fell by 5% at the June 1st renewals, with pressure greatest at the upper-layers of towers.

Tropical Storm Risk (TSR) has today updated its forecast for the 2024 Atlantic hurricane season, now saying that it anticipates one additional hurricane will form, with one more expected to reach Category 3 or greater wind speeds, making for what it still expects to be a “hyperactive” year.