Archive for July, 2024

Property Claim Services (PCS), the unit of Verisk that is a provider of industry loss estimates and loss data globally, has designated the recent CrowdStrike linked global IT outage as a PCS Cyber Catastrophe Loss Event, meaning industry insured losses are expected to reach above US $250 million, Artemis has learned.

Reinsurance broker Guy Carpenter expects demand momentum in property catastrophe reinsurance buying to persist, after an estimated $35 billion to $40 billion in new limit was already purchased in 2024, with more than 60% of property catastrophe contracts including expanded limit in North America.

Global reinsurance company SCOR expanded its estimated gross premium income on business underwritten at the June and July 2024 renewal season by 24%, while also reporting still positive price increases and now turning to year end with a view that market discipline will persist into 2025.

Despite the recent spread widening seen in catastrophe bonds, K2 Advisors, the hedge fund focused investment management unit of Franklin Templeton, continues to favor the insurance-linked securities (ILS) asset class and cat bonds in particular remain its top-pick sub-strategy, while its conviction on private ILS and retrocession has risen.

Enstar has completed a legacy reinsurance deal for an insurance-linked securities (ILS) portfolio of 2019 and 2020 written business, which it has hailed as the first deal of its kind for a third-party capital platform and looks like the kind of trapped capital solution that many in the ILS market have explored in recent years.

Two important pieces of insurance-linked securities market merger and acquisitions (M&A) news came to light last week, both of which provide signals for those watching of the health of the sector and investor appetite. But there is also a signal of the desire for scale, to be competitive in offering a broad suite of risk […]

Issuance of private catastrophe bonds, or cat bond lites, has now reached $357.6 million in 2024, after two more privately placed insurance-linked securities (ILS) arrangements came to light from the Artex Capital Solutions managed Eclipse Re Ltd. structure.

Chubb has seen a further significant increase in the amount of retained catastrophe losses it will need to bear in the United States under its global property catastrophe reinsurance tower, as the US retention has increased by 59% and the company has significantly expanded out the top-layers of cover instead, with a core focus on […]

A large corporation that is a sponsor of the 2024 Paris Olympics has purchased a parametric insurance coverage to protect against exposure to any restrictions enforced, postponement, or a complete cancellation of the games caused by a pandemic and used its Guernsey domiciled captive vehicle to access sources of risk capital efficiently.

Here are the ten most popular news articles, week ending July 28th 2024, 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.