Best of Artemis, week ending February 19th 2023

Here are the ten most popular news articles, week ending February 19th 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.

Ten most read articles on Artemis.bm, week ending February 19th 2023:

1. Potential for cat bond market to double, say ILS NYC 2023 speakers
   On Friday February 10th, more than 380 attendees at our annual ILS NYC 2023 conference in New York heard industry expert speakers explaining the significant potential for the catastrophe bond and ILS market to reach new heights this year and beyond.
2. United (UPC) hikes hurricane Ian loss 54%, with ramifications for reinsurance partners
   The insurer significantly increased its hurricane Ian gross loss estimate, adding over $500 million to the total, with much of that to be covered by reinsurance, but also causing the company to announce that United Property & Casualty Insurance Company is now expected to become insolvent.
3. Riverstone gets $305m multi-year collateralised reinsurance funded via JP Morgan
   In a major deal that is similarly structured to the landmark Lloyd’s Central Fund reinsurance arrangement from 2021, RiverStone International, has secured $305 million of multi-year collateralised reinsurance, with funding led by JP Morgan and transacted via a White Rock cell structure.
4. Verisk (AIR) pegs Turkey quake economic loss at $20bn+, insured at $1bn+
   The risk modeller has estimated that economic losses from the devastating earthquakes that struck Turkey will reach above US $20 billion, while the insurance and reinsurance industry faces a bill of above US $1 billion.
5. Ping An launches parametric ocean carbon sink index insurance
   The Chinese insurance giant continues to develop innovative parametric insurance products that support the green and blue economy, with the latest being a parametric index trigger product that provides ocean carbon sink risk protection.
6. RenRe & RGA life & annuity reinsurance JV Langhorne Re winding down
   We reported first that Langhorne Re, the third-party capitalised life and annuity reinsurance joint venture launched by RenaissanceRe (RenRe) and Reinsurance Group of America (RGA) back in 2018, is being wound down after its capital commitments expired without renewal.
7. AIG to shift Private Client business to third-party capital backed MGA structure
   The insurance giant is making good on its promise to develop an even more third-party capital backed structure for its Private Client and high-net-worth property business, partnering with investor Stone Point to launch a new MGA.
8. Gallagher Re hires Parametric Solutions Lead from CelsiusPro
   The company made a key hire in its Global Practice for Public Sector & Climate Resilience Solutions, adding Gian Sandosh Semadeni from CelsiusPro as its new Parametric Solutions Lead.
9. Reinsurance renewal pressures to persist for APAC buyers: Aon’s Attard
   The same reinsurance renewal pressures experienced at the January renewals this year are anticipated to persist for the April and July 1st renewal seasons for buyers in Asia Pacific, according to Aon Reinsurance Solutions APAC CEO George Attard.
10. RenaissanceRe hits record high for P&C third-party capital AuM
    RenaissanceRe saw its third-party capital assets under management dedicated to property and casualty business rise by $610 million since September 30th 2022, with the total reaching a new high at January 1st 2023.

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 30 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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