Best of Artemis, week ending March 26th 2023

Here are the ten most popular news articles, week ending March 26th 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 March 26th 2023:

1. Property insurance claims 6-13% higher on inflation, outpacing prices: Swiss Re
   In property insurance, rates are failing to keep up with inflation, according to global reinsurance firm Swiss Re, who estimates that property claims will rise by between 6% and 13% on the back of inflation, which is higher than price increases that were reported at 5% to 8%.
2. Slide targets debut catastrophe bond with $100m Purple Re issuance
   Full-stack homeowners property insurtech Slide has entered the catastrophe bond market for the first time, seeking $100 million in named storm reinsurance protection through a Purple Re Ltd. (Series 2023-1) transaction.
3. “Denominator effect” among the biggest ILS challenges: Chris Parry interview
   The “denominator effect” and investor rebalancing across asset classes has driven some of the biggest challenges for the insurance-linked securities (ILS) market in recent months, Chris Parry, Global Head of Capital Partners at RenaissanceRe, told us in our latest Artemis Live interview.
4. Kelvin Re future uncertain, not expected to be in TD Bank’s long-term plans: AM Best
   Kelvin Re Limited, the previously ILS capital backed Guernsey based reinsurance company, is not expected to form a part of its new owner TD Bank’s long-term plans, which has led rating agency AM Best to be cautious on the outlook for the company.
5. Allstate ups Sanders Re 2023-1 cat bond target to $250m, absent riskiest tranche
   US primary insurance giant Allstate has lifted the target for its new Sanders Re III Ltd. (Series 2023-1) catastrophe bond to as much as $250 million, but at the same time we’re told the riskiest zero-coupon Class C tranche of notes may now not be placed.
6. ILS market at crossroads, but still growing as capacity hits $96bn: AM Best
   The insurance-linked securities (ILS) market is seen as at a crossroads in the wake of hurricane Ian, although ILS capacity has still expanded and the catastrophe bond market is seen as the best positioned segment, rating agency AM Best has said.
7. Turkey earthquakes insurance industry loss estimated US $3.5bn by PERILS
   A first estimate for the insurance and reinsurance market industry loss from the recent Kahramanmaras Earthquake Sequence that struck Turkey and Syria in February has been pegged at US $3.5 billion by PERILS AG.
8. American Integrity secures 50% upsized $150m Integrity Re 2023-1 cat bond
   American Integrity Insurance Company of Florida, Inc. has secured its targeted 50% upsize for the Integrity Re Ltd. (Series 2023-1) catastrophe bond issuance, now ensuring the company benefits from $150 million of collateralized Florida named storm reinsurance with the transaction.
9. No reason insurance debt should have revalued on banking crisis: Plenum
   The crisis being seen in banking sectors, most prominently with the failure of Silicon Valley Bank and sale of Credit Suisse to UBS, is not a crisis of the insurance sector, and there are no fundamentals to support the recent revaluation of insurance debt, Plenum Investments has stated.
10. Citizens secures Lightning Re industry loss cat bond at $500m with 11% spread
    Florida’s Citizens Property Insurance Corporation has now finalised the pricing on its first industry loss trigger catastrophe bond and the Lightning Re Ltd. (Series 2023-1) issuance has secured the insurer $500 million of capital markets backed reinsurance at an 11% risk interest spread.

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 37 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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