Best of Artemis, week ending November 7th 2021

Here are the ten most popular news articles, week ending November 7th 2021, 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 7th 2021:

1. COP26: An opportunity for re/insurance & ILS climate leadership
   On Monday November 1st 2021 at the United Nations (UN) Framework Convention on Climate Change Conference of the Parties (COP26) in Glasgow, United Kingdom, it became clear that this is a moment in time where the insurance, reinsurance and insurance-linked securities (ILS) industries have an opportunity to display climate leadership.
2. Peak zone problems – more capacity needed: Peter Zaffino, AIG
   The insurance and reinsurance industry has a problem with peak zones and emerging risks, according to AIG President and CEO  Peter Zaffino, who believes that more capacity is required to make underwriting in peak catastrophe zones sustainable and for covering emerging exposures, from climate to cyber risks.
3. TWIA committee votes to change reinsurance broker to Willis Re
   The Texas Windstorm Insurance Association (TWIA’s) Actuarial & Underwriting Committee met to review proposals for reinsurance broking services and has voted to recommend the TWIA Board approve a change to Willis Re, which also has ramifications for the issuance of its catastrophe bonds.
4. Address climate risk, be able to absorb losses
   One of the clearest examples of a regulators’ intention to force action on climate-related financial risks and ensure entities have the capital resources to absorb their potential future losses from them, came from Bank of England Governor Andrew Bailey yesterday.
5. Nephila AuM declines $500m to $9.3bn, but fees rise for Markel
   In the last quarter of record, revenues earned from its flagship insurance-linked securities (ILS) operation Nephila Capital rose for parent Markel Corporation, but assets under management at Nephila Capital declined heavily in Q3, dropping by $500 million to $9.3 billion by the end of September.
6. Pension Insurance Corp says to decline revised Markel CATCo buyout offer
   Pension Insurance Corporation plc (PIC) has explained that it won’t accept the updated and improved buyout terms proposed to investors in the Markel CATCo Investment Management retrocessional reinsurance investment funds, calling the proposal “fundamentally flawed”.
7. Liberty Mutual reveals $812m net hurricane Ida loss
   U.S. primary insurer and global re/insurer Liberty Mutual reported elevated catastrophe losses for the third-quarter of 2021, revealing a net $812 million hit from hurricane Ida.
8. Markel on-track to transfer all cat business to ILS model: Co-CEO’s
   Markel Corporation intends to continue to cede retrocessional reinsurance business to its Lodgepine Capital Management start-up retro ILS investment manager and expects the full retro book to transfer to the ILS model in time, Co-CEO Ritchie Whitt said.
9. Paul Gregory to take on interim CEO role at Lancashire Capital Management
   Paul Gregor, the Group Chief Underwriting Officer of specialty insurance and reinsurance group Lancashire Holdings, is stepping in to become interim CEO of the firms Lancashire Capital Management unit, as Darren Redhead will depart the firm in 2022.
10. AIG’s AlphaCat assets under management fall to $3.5bn
    Assets under management at American International Group’s (AIG) insurance-linked securities and collateralized reinsurance dedicated ILS investment manager entity, AlphaCat Managers, have fallen to $3.5 billion by the end of the third-quarter, with some effects from the quarters catastrophes clear in its reporting.

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 42 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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