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Original Risk: A Society for Change Agents

Best of Artemis, week ending January 15th 2023

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Here are the ten most popular news articles, week ending January 15th 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.

artemis-cat-bond-ils-newsTen most read articles on Artemis.bm, week ending January 15th 2023:

  1. Investor education key to first cyber cat bond: Gallagher Re’s Newman & Norris
    Educating insurance-linked securities (ILS) investors was one of the keys to bringing Beazley’s cyber catastrophe bond successfully to market, according to Ian Newman and Theo Norris of Gallagher Re.
  2. No Archegos or Greensill exposure for Credit Suisse’s operational risk cat bonds
    Having once been considered at-risk, due to perceived potential exposure to sponsor Credit Suisse’s challenges related to Archegos and Greensill Capital, we’ve learned that the Operational Re III operational risk catastrophe bond was matured, redeemed early and investors repaid in full, while going forwards the latest issuance has no exposure to these events.
  3. Cat bond issuance could reach $11bn in 2023, if conditions improve: Anger, GC Securities
    The global market for catastrophe bonds has the potential for another strong year in 2023, with a robust pipeline building and as much as $11 billion of issuance possible, if market conditions are conducive, according to Cory Anger of GC Securities.
  4. IAG renews cat reinsurance. First-event retention rises 75%, cost up ~22%
    Australian primary insurance group IAG has renewed its $10 billion catastrophe reinsurance tower for 2023, but the insurers maximum first-event retention has risen 75%, which the company said was in response to inflation and global reinsurance market conditions.
  5. Jireh launched by Sal Tucci, with ILS risk transformation, fronting & advisory focus
    Bermuda-based insurance-linked securities (ILS) market executive Sal Tucci has launched a new venture, Jireh Holdings Ltd., with the company set to bring ILS risk transformation, fronting and advisory services to clients, while a broader insurance management offering is also anticipated in future.
  6. UCITS catastrophe bond fund assets climbed $700m in Q4 2022
    The overall assets under management (AuM) of the main UCITS catastrophe bond funds as a group rose by almost $700 million during the fourth-quarter of 2022, as recovery of some cat bonds after hurricane Ian and fresh inflows helped the total increase 9% to reach $8.78 billion, a new year-end record high.
  7. Strong potential reinsurance returns could soon entice capital: Howden
    The strong potential returns on offer in reinsurance after the steep rate increases seen at the January 2023 renewals could soon entice new capital to enter the market, according to international broking group Howden.
  8. Aeolus hires Benjamin Somers (formerly of Elementum) as MD Business Development
    Aeolus Capital Management Ltd., the Bermuda based reinsurance and insurance-linked securities (ILS) investment fund manager, has announced a new key hire, taking former Elementum executive Benjamin Somers as its new Managing Director of Business Development.
  9. SURE targets expanded cover with $200m Gateway Re 2023-1 cat bond
    Coastal property insurance underwriter SURE has returned to the catastrophe bond market for a second time, seeking to secure $200 million or more in expanded US named storm reinsurance from a new Gateway Re Ltd. (Series 2023-1) transaction.
  10. Florida Citizens budgets for 55% exposure growth, much more risk transfer
    Citizens Property Insurance Corporation, the property insurer of last resort for the Florida marketplace, expects to grow its policy count by around 46% during 2023, to reach roughly 1.7 million policies in-force by the end of the year.

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 32 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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