Best of Artemis, week ending November 19th 2023

Here are the ten most popular news articles, week ending November 19th 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 19th 2023:

1. Beazley cyber cat bond hits the market, $75m PoleStar Re Ltd.
   Beazley has now entered the 144A catastrophe bond market with its first cyber deal, seeking $75 million in reinsurance from this PoleStar Re Ltd. (Series 2024-1) cyber cat bond issuance, Artemis can report.
2. AXIS secures first Long Walk Re cyber cat bond at below guidance pricing
   AXIS Capital has now successfully priced the very first 144a cyber catastrophe bond and the $75 million Long Walk Reinsurance Ltd. (Series 2023-1) transaction will complete with pricing below the initial target guidance, an important signal of ILS market appetite for cyber risks.
3. Twelve Capital to reshuffle cat bond team as Florian Steiger to depart
   Artemis has learned that Florian Steiger, the Head of Cat Bonds at insurance-linked securities (ILS) and reinsurance asset manager Twelve Capital, is to depart the firm at the end of the year.
4. Porch to “vigorously” pursue all Vesttoo fraud related damages
   Porch Group, the software driven financial services group with a homeowners insurance arm that was impacted after a letter of credit (LOC) backing a reinsurance deal it had entered into with insurtech Vesttoo was found to be fraudulent, is intending to pursue damages vigorously and not just against Vesttoo, it seems.
5. RenRe working to bring AlphaCat investors into Capital Partners products: Parry
   RenaissanceRe, the Bermuda based reinsurance and third-party capital management specialist, is working to bring investors in the AlphaCat Managers offering into its Capital Partners products, in the wake of the completion of the firms acquisition of Validus from AIG.
6. German insurer VKB targets €150m King Max Re multi-peril cat bond
   German domestic market insurance company Versicherungskammer Bayern Versicherungsanstalt des oeffentlichen Rechts’ (VKB) has entered the catastrophe bond market for the first time, seeking €150 million in multi-peril reinsurance from the capital markets through a King Max Re DAC 2023 transaction.
7. Allianz returns to cat bond market for €250m European storm protection
   Global insurance giant Allianz is back in the catastrophe bond market seeking a €250 million or larger group-wide source of European windstorm reinsurance protection with a Blue Sky Re DAC (2023-1)issuance.
8. Catastrophe bonds & ILS to remain in “hard market” territory in 2024: Lane Financial
   Having analysed data from the secondary market for insurance-linked securities (ILS), consultancy Lane Financial LLC concludes that the market for catastrophe bonds and ILS will remain in “hard market” territory in 2024, but perhaps only “half as hard” as might have been forecast at the start of this year.
9. Reinsurance returns to pre-soft market state as capital protection provider: Fitch
   The global reinsurance market now appears to have returned to a pre-soft market state of providing capital protection, rather than earnings protection, Fitch Ratings has said.
10. No major headwinds to reinsurance pricing for 2024: Morgan Stanley
    As 2024 fast approaches, analysts at investment bank Morgan Stanley currently don’t see any sign of headwinds to affect reinsurance pricing for the renewals and into the next year, with capital supply remaining balanced in the sector.

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 36 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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