Best of Artemis, week ending May 26th 2024

Here are the ten most popular news articles, week ending May 26th 2024, 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 May 26th 2024:

1. The (reinsurance capital) context has changed: Mumenthaler, Swiss Re
   When global reinsurance firm Swiss Re announced its first-quarter results, the company also notified shareholders and markets that it intends to withdraw from its iptiQ business, a tech-focused initiative that effectively brought the giant balance-sheet of the reinsurer much closer to the risk.
2. Cat bonds break half-year issuance record at $10.9bn already for H1 2024
   Issuance of new catastrophe bonds and related insurance-linked securities (ILS) has already reached $10.9 billion in 2024 and has now broken the record for the first-half, while the amount of cat bond and related ILS risk capital outstanding has reached another new high as the market continues to grow.
3. NOAA & UK Met Office join forecasts for “extraordinary” hurricane season
   The US weather service NOAA and the UK’s Met Office have both issued forecasts that join others in suggesting the 2024 Atlantic hurricane season will be a very active one, with each opting for storm numbers well above the average and NOAA saying it looks likely to be an “extraordinary” year.
4. Notable how RMS model update triggered wave of cat bond selling activity: Tenax
   It is notable how the recent update of one of the main hurricane risk models triggered a wave of selling in the catastrophe bond market, investment manager Tenax Capital has commented.
5. June renewals – Slightly less-excellent reinsurance returns ahead: KBW
   With catastrophe reinsurance pricing expected to be largely flat to slightly down at the upcoming June 1st reinsurance renewals and little change expected to terms and attachments, analysts from KBW said the industry can expect “slightly less-excellent” returns ahead, implying still-strong expected underwriting profitability.
6. Slide secures $1.86bn catastrophe reinsurance for 2024, $410m of cat bonds
   Slide Insurance Company, the full-stack property insurtech company founded by Bruce Lucas in Florida, has successfully placed a $1.86 billion catastrophe reinsurance tower for 2024, of which some $410 million in collateralized reinsurance for the higher layers comes from the cat bond market, sourced by its three Purple Re issues.
7. Fermat launches & grows own-brand UCITS cat bond fund above $530m in 2024
   Fermat Capital Management, one of the largest specialist investment managers of catastrophe bonds and insurance-linked securities (ILS) assets, launched a new UCITS cat bond fund strategy earlier this year in February, which we’ve learned has already grown above $530 million in assets.
8. ILS Asia 2024 – New speakers for our Singapore cat bond & ILS conference
   We are delighted to announce four more expert speakers from Schroders Capital, the World Bank, Clifford Chance and Steadfast Re, who will join us at our upcoming catastrophe bond and insurance-linked securities (ILS) market conference in Singapore, ILS Asia 2024.
9. Nascent hires Yulanda Francis, Shehan Ranasinghe as it builds-out senior team
   Nascent Group, an insurance management and reinsurance transformer company launched by Andre Perez to reimagine the insurance-linked securities (ILS) servicing space, has made two key hires, bringing former Horseshoe and Artex expertise back together, with Yulanda Francis and Shehan Ranasinghe joining the firm.
10. Beazley sponsors further $160m cyber cat bond via PoleStar Re, takes total to $300m
    Beazley has successfully sponsored a second 144A cyber catastrophe bond, securing a further $160 million in cyber reinsurance from a PoleStar Re Ltd. (Series 2024-2) issuance, which takes its total cyber cat bond cover to $300 million.

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.

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