Best of Artemis, week ending 24th November 2019

Here are the ten most popular news articles, week ending 24th November 2019, 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 updatesor get our email alerts for every article we publish.

We’ve announced a theme & more speakers for our ILS NYC 2020 conference. Register today!

Ten most read articles on Artemis.bm, week ending 24th November 2019:

1. Hamilton to run-off Acapella syndicate at Lloyd’s, citing lack of return
   Hamilton Insurance Group is placing its Acappella Syndicate 2014 (Acappella) into run-off, citing an expected inability to produce adequate returns and adding to the Lloyd’s of London market casualties of recent months.
2. Neon pulls out of property treaty, cites retro price mismatch issues
   Neon Underwriting, the specialty insurance and reinsurance operation that is part of American Financial Group, Inc., has confirmed that it is pulling back from all property treaty reinsurance underwriting, citing a mismatch in pricing between retrocession and its inwards business.
3. Constrained retro ILS capacity at 1/1 to impact premium growth plans for some
   With retrocessional reinsurance capacity expected to be constrained at the January 2020 renewals, particularly collateralised from the insurance-linked securities (ILS) market, some reinsurers and in particular Lloyd’s players may have to rethink their premium growth plans, analysts have suggested.
4. MS&AD puts Hagibis & Faxai loss at $3.36bn, total across big-three $8bn
   MS&AD Holdings, the Japanese parent to domestic insurance carriers Mitsui Sumitomo and Aioi Nissay Dowa Insurance, as well as its international operation MS Amlin, has revealed today that it expects its ultimate loss from typhoons Hagibis and Faxai will be approximately US $3.36 billion, before reinsurance recoveries.
5. Atmos Re cat bond from UnipolSai marked down for total loss
   The €45 million Atmos Re DAC catastrophe bond transaction, which was sponsored by Italian primary insurer UnipolSai Assicurazioni S.p.A.is facing a total loss, as secondary market cat bond pricing sheets have discounted the notes by around 100%.
6. FEMA seeks orders & auths for 2020 NFIP flood reinsurance renewal
   The U.S. Federal Emergency Management Agency (FEMA) is expecting to secure orders and authorisations for a January 2020 renewal of the National Flood Insurance Program’s (NFIP) traditional reinsurance program in the coming days.
7. Philippines cat bond will be first to list on Singapore Stock Exchange
   The inaugural catastrophe bond to benefit the Philippines will also set another ILS market first, as the $225 million of notes issued through the World Bank’s IBRD CAR 123-124 cat bond transaction will be listed on the Singapore Stock Exchange (SGX).
8. Discipline has returned to the ILS market: Roundtable
   Investors in the insurance-linked securities (ILS) space are demanding discipline from managers in the wake of recent loss events and subsequent loss creep, while an elevated need for comfort is leading to a surge in demand for proportional deals, according to industry experts.
9. Irma loss creep still evident, but reinsurance impact slowing
   Loss creep from hurricane Irma has remained evident for the major insurers operating in Florida in the third-quarter of the year, but the impact to reinsurance markets is slowing and the Florida Hurricane Catastrophe Fund (FHCF) has been soaking up much of the new claims inflation, at least from larger players.
10. Everest Re returns for $375m+ Kilimanjaro III Re catastrophe bond issues
    Global insurance and reinsurance firm Everest Re has returned to the catastrophe bond market for its first issuance since April 2018, as it seeks to add at least $375 million of fully collateralized reinsurance protection by sponsoring a Kilimanjaro III Re Ltd. cat bond issuance.

This is not every article published on Artemis during the last week, just the most popular, some of which were published over a week ago. There were 32 new articles published in the last week. To ensure you always stay up to date with Artemis and never miss a story subscribe to our weekly email newsletter which is delivered every Wednesday.

Get listed in our MarketView directory of professionals.

View the current breakdown of the ILS market in our range of charts, allowing you to analyse cat bond issuance.

Check out the assets under management of the ILS fund market with our ILS investment manager directory.