Best of Artemis, week ending February 11th 2024

Here are the ten most popular news articles, week ending February 11th 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.

Ten most read articles on Artemis.bm, week ending February 11th 2024:

1. Munich Re launches global parametric risk transfer business unit
   Munich Re has launched a new global unit focused on growing its share in parametric natural catastrophe risk transfer solutions, bringing together expertise from across the business to target this growing area of the market.
2. Vesttoo reinsurance transaction funds said co-mingled, depleted. Unclear what is left
   At a Vesttoo Chapter 11 bankruptcy case hearing, counsel for the official creditor committee said that in working to identify and trace funds remaining from reinsurance transactions implicated in the letter of credit (LOC) fraud, these investigations, which are ongoing, suggest funds were drawn from debtor structures and co-mingled, then used to pay company expenses.
3. Duperreault start-up Mereo rated. Aims to unlock potential of reinsurance investment
   Mereo Insurance, the Bermuda-based re/insurance start-up that has generated plenty of headlines due to the involvement of the former AIG CEO Brian Duperreault and its strategy to work closely with third-party capital, has now received a preliminary credit assessment from rating agency AM Best for its main underwriting vehicle.
4. Aon forecasts parametric capital influx from re/insurers and ILS funds in 2024
   Aon has said that it anticipates an “influx” of capital to the parametric risk transfer space in 2024, from traditional insurance, reinsurance and ILS fund sources.
5. Florida: Legislators pitch hurricane risk pool, Citizens CEO questions reinsurance availability
   At a meeting of the Florida House Insurance and Banking Subcommittee yesterday, Tim Cerio, the CEO of Citizens Property Insurance Corporation cautioned that the global reinsurance market may not have sufficient capacity to back lawmakers’ idea of turning the insurer of last resort into a hurricane risk pool for the state.
6. Aon recognises $197m Vesttoo related legal settlement expense reserve
   Broking giant Aon has recognised a significant legal settlement expense reserve amounting to $197 million related to the Vesttoo fraud scandal in its fourth-quarter of 2023 results.
7. Hannover Re shrinks K-Cessions to $757m, but could have placed more: Ludolphs
   Hannover Re placed its K-Cessions quota share sidecar at US $757 million in size for 2024, shrinking the structure by 9% over the prior year. In an interview, Henning Ludolphs explained that despite some changes, the company has sufficient retrocession to take advantage of the hard reinsurance market environment this year.
8. Florida State Board allocated $398m to ILS for 1/1, across Aeolus, Pillar, RenRe
   The Florida State Board of Administration, which manages the states massive roughly $180 billion Florida Retirement System Pension Plan, has allocated $398 million to reinsurance and retrocession opportunities across three ILS managers in time for the January renewals.
9. Arch sponsoring $100m Ramble Re catastrophe bond
   Arch Capital Group is back in the catastrophe bond market for what is only its second time, to sponsor a currently $100 million Ramble Re Ltd. (Series 2024-1) transaction to secure capital markets backed property catastrophe retrocession.
10. SCOR raises new third-party capital, grows capacity with existing risk partners
    SCOR has said that it raised new third-party capital from risk partners in January 2024, while it also expanded the capacity arrangements it has with existing risk partners by 20%.

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 36 new articles published in the last week.

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