Best of Artemis, week ending December 24th 2023

Here are the ten most popular news articles, week ending December 24th 2023, 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.

We’d like to wish all our readers, supporters, industry partners and good friends from the ILS and reinsurance community a very Happy Holidays!

Ten most read articles on Artemis.bm, week ending December 24th 2023:

1. Florida reforms open runway for tens of billions in fresh capital: Fermat’s Seo
   The enactment of legislative reforms targeted at the insurance market in Florida has opened the runway for tens of billions in fresh capital to flow into the state from investors, John Seo, Co-Founder & Managing Director at Fermat Capital Management said at an event recently.
2. Cat bond funds can see double-digit returns in 2024: Plenum
   Plenum Investments AG, the Zurich-based specialist insurance-linked securities (ILS) and catastrophe bond investment manager, believes that performance for catastrophe bond funds should remain in the double-digits in 2024, at least for USD denominated cat bond fund strategies.
3. Munich Re’s Eden Re II sidecar issues $28.5m in first tranche for 2024
   Global reinsurance giant Munich Re has returned to the capital markets to refresh its retrocessional protection from the Eden Re II Ltd. collateralized reinsurance sidecar for 2024, with the first tranche of notes to come to light being $28.5 million of Series 2024-1 Class A notes.
4. Vesttoo creditors’ bankruptcy plan goes to vote, recoveries could be sub-$100m
   The plan of reorganisation under Chapter 11 for the bankruptcy of Vesttoo has been conditionally approved by the Delaware court judge and can now go to a vote, but documents show that the eventual recovery for unsecured creditors may be minimal, despite overall claims extending to $4.8bn.
5. ILS NYC 2024 conference – Our second wave of speakers
   We are excited to announce the second wave of speakers confirmed for our next insurance-linked securities (ILS) conference. ILS NYC 2024 will be held in New York City on February 9th 2024, with around 400 attendees from the ILS community expected to come together for a day of thought-leadership, discussion and valuable networking.
6. Reinsurers not budging on retentions & terms at Jan 2024 renewals: JMP
   At the January 2024 renewals, reinsurance markets are not budging on the higher retentions and tighter terms and conditions they have fought had to install over recent years, according to JMP Securities analysts.
7. Allianz pleased to re-start cat bond journey with Blue Sky Re
   Global insurance giant Allianz has expressed its pleasure at a successful catastrophe bond issuance with the recently completed €250 million Blue Sky Re DAC (2023-1) deal, the first cat bond for the firms own account in more than a decade.
8. Hard reinsurance market trends to continue in 2024: BofA Securities
   Analysts at BofA Securities Inc. are the latest to opine on the state of the reinsurance market and they conclude, as others have, that the hard market environment is likely to persist into 2024 and perhaps even beyond.
9. Cyber in the capital market could grow to $100bn catastrophe risk level: Millette
   Over the next two decades, as the cyber insurance and reinsurance market grows, there is the potential for cyber insurance-linked securities (ILS) volumes to reach $100 billion, equalling where catastrophe risk in the capital market sits today, according to Mike Millette, Managing Partner at Hudson Structured Capital Management Ltd., and Board Member at CyberCube.
10. Swiss Re successfully prices market’s first industry-loss cyber cat bond
    Artemis has now learned that global reinsurance firm Swiss Re has successfully priced the market’s first industry-loss triggered cyber catastrophe bond, securing the $50 million of coverage it had originally targeted from the Matterhorn Re Ltd. (Series 2023-1) transaction.

This is not every article published on Artemis during the last week, just the most popular among our readers over the last seven days. There were 34 new articles published in the last week.

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