Best of Artemis, week ending 7th June 2020

Here are the ten most popular news articles, week ending 7th June 2020, 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 7th June 2020:

1. Riots designated a catastrophe in multiple-states, a first for PCS
   Rioting and civil commotion across the United States has now been designated as a catastrophe event in multiple-states by PCS, the first time the industry loss data aggregator has done so in its history.
2. Property cat reinsurance rates up 26% at June 1st, Hyperion X index shows
   Property catastrophe reinsurance rates-on-line rose by an estimated 26% at the June 1st 2020 renewal season, according to the latest data from an index tracking average risk-adjusted pricing from Hyperion X Analytics.
3. State Farm in $250m Merna Re II 2020-1 privately placed cat bond
   U.S. primary insurance carrier State Farm has returned to the capital markets to source fully collateralised reinsurance again, sponsoring a new $250 million another privately placed and issued Merna Re II Ltd. (Series 2020-1) catastrophe bond transaction.
4. Universal buys most cat reinsurance ever. Nephila a key participant
   Universal Insurance Holdings, a Florida headquartered and expansive primary insurance carrier, has secured the largest private market catastrophe reinsurance renewal in its history, with capital market support again evident and Nephila Capital a key participant.
5. AXA cites BI as “material” in EUR 1.2bn Covid-19 P&C loss estimate
   Insurance and reinsurance group AXA has cited business interruption claims as one of the “most material impacts” in its new forecast for EUR 1.2 billion of losses in its property and casualty (P&C) businesses due to the Covid-19 pandemic.
6. January 2021 reinsurance renewals to see rates up 10% at least
   The January 2021 reinsurance renewal season is likely to see rates rising broadly by at least 10%, with firming or hardening momentum being held right through the rest of this year, according to analysts at Wells Fargo.
7. RenRe could raise $1.125bn, as equity offering prices at discount
   RenaissanceRe, the Bermuda-headquartered reinsurance company and third-party capital manager, may take as much as $1.125 billion of additional capital from its new equity raise, although the public offering priced at a discount to yesterday’s close.
8. HSCM sets up Bumblebee Re to bring reinsurance cell formation in-house
   Hudson Structured Capital Management Ltd., which undertakes insurance and reinsurance investment business as HSCM Bermuda Management Company, has established special purpose insurer Bumblebee Re Ltd., as it looks to take the process of collateralized reinsurance cell formation in-house.
9. Spinnaker gets snapped up by insurtech Hippo
   Spinnaker Insurance Company, the well-known program and fronting service specialist that was founded in 2015 by ex-Arch Re Ingrey family members, has been sold to insurtech Hippo.
10. Arch tried for record sized Bellemeade Re mortgage ILS, but pulled it
    Arch Capital Group, the Bermuda headquartered specialist insurance and reinsurance underwriter, had tried to come back to the insurance-linked securities (ILS) market with a new Bellemeade Re 2020-1 Ltd. issuance of mortgage insurance-linked notes, a deal that would have been the largest ever example of a mortgage ILS 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 38 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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