Best of Artemis, week ending November 12th 2023

Here are the ten most popular news articles, week ending November 12th 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 November 12th 2023:

1. Nephila Capital “cleans up the past” with Markel’s help: Majors
   Nephila Capital, the insurance-linked securities (ILS) asset manager owned by Markel, has effectively cleaned up its legacy reserves and eliminated trapped capital for its investors, through an arrangement entered into with the help of an adverse development cover (ADC) from its parent.
2. Berkshire’s property cat bet pays off for Buffett so far in 2023
   The bet that Warren Buffett’s reinsurance business at Berkshire Hathaway has made on writing more property catastrophe risks is paying off so far in 2023, with P&C reinsurance earnings soaring, as its premiums also rose aided by the TransRe acquisition.
3. Insured catastrophe losses have now surpassed $100bn in 2023: Bowen
   Global insurance and reinsurance market losses from natural catastrophe events have already surpassed $100 billion in 2023, making this the sixth year since 2017 that this level of nat cat insured losses has been reached, according to Gallagher Re’s Chief Science Officer Steve Bowen.
4. Sidecars in favour, with most pitching 20%+ returns: Investors at Aon webinar
   Reinsurance sidecar vehicles are in favour right now, with investors liking the certainty they provide in terms of duration and seeing them as an attractive way to capitalise on a hard reinsurance market that is of unknown duration, while the returns are clearly much-improved as the majority are pitching 20% plus returns.
5. Vesttoo to stay in Chapter 11, court denies US Trustee motion to liquidate at pace
   Vesttoo, the insurtech at the centre of an international reinsurance letter of credit (LOC) fraud investigation, is set to remain in Chapter 11 bankruptcy, after the court denied a motion from the US Trustee to convert the case to Chapter 7 so a liquidation could be accelerated.
6. Fleming buys James River reinsurer. Could help deliver casualty ILS ambitions
   Fleming Insurance Holdings, a company that has been building out a casualty focused insurance-linked securities (ILS) offering, has agreed to acquire JRG Reinsurance Company, Ltd. (JRG Re), the third-party casualty reinsurance business of James River Group.
7. SRS launches Altitude MGU for ART and parametric solutions
   Strategic Risk Solutions, Inc., an independent provider of insurance, reinsurance and captive management and consulting services, has announced the launch of a managing general underwriter (MGU) named Altitude, through which it intends to offer a range of alternative risk transfer solutions, including parametric risk transfer.
8. State-backed reinsurance may hit the Florida legislative agenda in 2024
   A special legislative session of the Florida House this week saw any measures of particular relevance to the property insurance market taken off the agenda, while a measure that proposes another layer of reinsurance to support the Floridian carriers may now re-emerge for debate in 2024.
9. K2 Advisors raises insurance-linked securities (ILS) to “strongly overweight”
   K2 Advisors, the hedge fund focused investment management unit of Franklin Templeton, has raised its conviction on investing into insurance-linked securities (ILS) and reinsurance investments to “strongly overweight” saying it anticipates firm pricing conditions and despite some spread tightening in catastrophe bonds the yields remain attractive.
10. We don’t expect a big inflow of new capital & companies: AM Best’s Carter
    AM Best is not anticipating any significant inflow of new capital or startup companies into the global reinsurance sector, at least not enough to derail the current hard market conditions, Greg Carter, Managing Director, Analytics – EMEA & Asia Pacific said today.

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. 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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