Best of Artemis, week ending June 4th 2023

Here are the ten most popular news articles, week ending June 4th 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.

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Ten most read articles on Artemis.bm, week ending June 4th 2023:

1. Florida renewals: June 1 and all but done
   The Florida reinsurance renewals on June 1st are all but done, according to sources and reports, with capacity availability far less of an issue than a year ago, or at the renewals completed earlier in 2023.
2. “Complementary” first NZ EQC cat bond sets scene for future deals
   Because the first catastrophe bond was structured to meet the EQC Boards ambitions of being “complementary” to the rest of its reinsurance tower, it sets the scene for future issuances, execs told Artemis in an exclusive interview.
3. Velocity Risk to exit the homeowners insurance market
   Velocity Risk Underwriters, the catastrophe exposed property insurance specialist managing general agency (MGA) operation, is set to exit the homeowners insurance marketplace, Artemis has learned.
4. Mid-year renewals: Retrocession capacity seen as more abundant than at 1/1
   At the mid-year reinsurance renewals our market sources are suggesting that availability of retrocession is far better than was seen at 1/1, with rate increases also decelerating more than had perhaps been anticipated just weeks ago.
5. UK Met forecasts above normal Atlantic hurricane activity in 2023
   A 2023 Atlantic hurricane season forecast from the UK Met Office is calling for a high level of tropical storm activity this year, with an above normal number of hurricanes and major hurricanes expected to form, the first of the forecasters we track to suggest a more active season is coming.
6. Elementum raises $150m for higher-risk ILS strategy, AUM reaches $3.7bn
   We’ve learned that Elementum Advisors, LLC, the insurance and reinsurance linked asset manager, has raised $150 million from investors for deployment to opportunities presented by market dislocation at the mid-year renewals.
7. Property catastrophe rate-on-line hits record high at June 1st: Howden Tiger
   With the Florida reinsurance renewal now all but completed, broker Howden Tiger has said that risk-adjusted property- catastrophe reinsurance was pricing up by 33% on average at the 1 June renewals.
8. Florida’s FHCF lacks liquidity for hurricane Ian repeat, assessments likely
   The Florida Hurricane Catastrophe Fund (FHCF), the fund that provides a reinsurance like reimbursement for a portion of residential property insurers’ hurricane losses, lacks the necessary liquid assets to pay out without needing to issue post-event bonds, likely backed by assessments, if a repeat storm loss of the magnitude of hurricane Ian were to occur.
9. Ariel Re brings back Partington Howarth as Chief Capital Officer
   Ariel Re announced the hiring of a former employee to a key role, with Katie Partington Howarth to rejoin the company as Chief Capital Officer.
10. Improved data and models attracting ILS capital to cyber: Guy Carpenter
    Insurance-linked securities (ILS) capital is increasingly becoming attracted to and getting more comfortable with deploying to cover cyber insurance and reinsurance risks, according to broker Guy Carpenter.

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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