Best of Artemis, week ending May 1st 2022

Here are the ten most popular news articles, week ending May 1st 2022, 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 May 1st 2022:

1. Cat bond spreads widening as market experiences mismatch
   The catastrophe bond market is seeing spreads widen for practically all new issuances, with market sources telling us about a mismatch, on multiple counts, that has the effect of driving prices higher, and is also sending broader signals on the potential trajectory for catastrophe reinsurance rates at the mid-year renewals.
2. Insurance-linked securities, (Re)set & ready – ILS NYC 2022
   We recently welcomed more than 200 attendees to our fifth insurance-linked securities (ILS) conference held in New York City and our first in-person event since the pandemic.
3. FedNat has “substantial doubt” it can continue as a going concern
   Following its recent ratings downgrade, U.S. primary insurance carrier group FedNat has admitted there is substantial doubt over its ability to continue as a going concern, with a potential fall into receivership or failure to secure reinsurance seen as issues that could be fatal for the insurer.
4. April renewals suggest cat reinsurance prices can go higher: Moody’s
   The recent April reinsurance renewals season has provided further details on 2022 pricing trends and reinsurers’ catastrophe risk exposure profile, which has led Moody’s to believe that property catastrophe reinsurance pricing still has room to go higher.
5. Sfaif to depart PGGM to join reinsurer-owned ILS platform
   Youssef Sfaif, a Director of Credit and Insurance Linked Investments at significant insurance-linked securities (ILS) sector pension investor PGGM, is departing from the allocator to join an in-house ILS platform owned by a major reinsurer, Artemis has learned.
6. Parametric risk transfer interest drives innovation, but consolidation possible
   Rising interest in parametric insurance and risk transfer has resulted in an influx of investor capital into the space, the development of new MGA’s and capacity, as well as new technology platforms.
7. Markel’s sale of Nephila-owned MGA’s valued them around $384m
   After Markel Corporation sold off the managing general agent (MGA) platforms created and owned by its flagship insurance-linked securities (ILS) investment manager Nephila Capital, it’s now become clear the combined value of the MGA’s was around $384 million.
8. USAA to upsize new cat bond to $415m as coupons all rise
   The target issuance size for the latest catastrophe bond from U.S. primary mutual insurer USAA has been lifted to $415 million, while at the same time the pricing for all four tranches of the deal now look likely to settle at the top of raised guidance.
9. Markel off-risk for cat, but opportunity for Nephila significant: Whitt
   Markel Corporation is now officially “off-risk” for property catastrophe reinsurance, as of the end of the first-quarter of 2022, according to its Co-CEO Richie Whitt.
10. Florida Citizens seeks $100m+ PLA focused Everglades Re II cat bond
    Florida’s Citizens Property Insurance Corporation is back in the catastrophe bond market to sponsor a $100 million or greater Everglades Re II Ltd. (Series 2022-1) transaction, from which it is seeking named storm reinsurance protection for its Personal Lines Account book of business.

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 29 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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