Best of Artemis, week ending 31st January 2021

Here are the ten most popular news articles, week ending 31st January 2021, 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.

Ten most read articles on Artemis.bm, week ending 31st January 2021:

1. Aon & WTW cite alt. capital, disintermediation & marketplaces in defence of merger
   Broking, advisory, benefits and consulting giants Aon and Willis Towers Watson have defended their merger, with a response to the New Zealand Commerce Commission that cites alternative reinsurance capital, disintermediation by the big four and marketplaces such as Tremor, as threats to their own combined business.
2. OTT Risk to fill business interruption coverage gap using advanced tech & ILS
   A new start-up aims to enhance the economic resilience of the world’s businesses, by filling business interruption coverage gaps using advanced technology such as machine learning and by leveraging insurance-linked securities (ILS) structures to connect this emerging risk class with capital market investors.
3. ILS fund manager Gildenbrook launched with $850m of capital by Brookman
   The Gildenbrook Group has been founded by experienced ILS industry executive Daniel Brookman and has today launched Gildenbrook Capital Management Ltd., an independent alternative investment fund manager focused on the insurance-linked securities (ILS) asset class.
4. Mexico’s cat bond coverage continues, despite shuttering of FONDEN
   Mexico’s still in-force $485 million IBRD / FONDEN 2020  catastrophe bond will continue to provide the country with important disaster insurance protection, as the beneficiary of the cover has been shifted away from the shuttered FONDEN disaster fund to the country’s Treasury.
5. Aggregation uncertainty over UK BI ruling and reinsurance losses: Fitch
   The recent ruling from the UK Supreme Court, that found largely in favour of insurance policyholders in the Financial Conduct Authority’s (FCA)’s business interruption insurance test case appeals, is not expected to drive significant additional losses through to reinsurance, Fitch Ratings has said.
6. W. R. Berkley cites two investors behind Lifson Re reinsurance sidecar
   In launching its first collateralized reinsurance sidecar vehicle and engaging with third-party investors on the recently announced Lifson Re Ltd. launch transaction, Rob Berkley – President and CEO of W. R. Berkley noted the importance of a “shared sense of obligation and duty to capital.”
7. FEMA sponsors fourth FloodSmart cat bond, targets $350m+ of reinsurance
   The U.S. Federal Emergency Management Agency (FEMA) has returned to the insurance-linked securities (ILS) market for its fourth catastrophe bond issuance, a currently $350 million FloodSmart Re Ltd. (Series 2021-1) transaction, seeking additional flood reinsurance coverage from the capital market for its National Flood Insurance Program (NFIP).
8. RenRe returned some capital to Upsilon investors at 1/1: CEO O’Donnell
   RenaissanceRe, the Bermuda-based reinsurance firm and third-party capital management specialist, held true to its forecast and returned some capital from its Upsilon collateralized reinsurance and retrocession vehicle to investors around the renewals, underwriting a slightly smaller portfolio for the vehicle as a result.
9. AXA XL promotes Patel to Head of AXA XL ILS Capital Management
   AXA XL, the commercial property & casualty insurance and reinsurance arm of the AXA Group, promoted Niraj Patel to lead alternative capital activities as Head of AXA XL ILS Capital Management in late 2020, reporting to Peter Martin, who was also promoted to Head of Reinsurance Capital Management.
10. Jamaica: World Bank cat bond still underway
    Jamaica continues to work with the World Bank on a first catastrophe bond for the country the Finance Ministry has said.

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 35 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.

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