Best of Artemis, week ending October 23rd 2022

Here are the ten most popular news articles, week ending October 23rd 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 October 23rd 2022:

1. Cat bond & ILS prices imply “very hard market” after Ian: Lane Financial
   Analysis of catastrophe bond and insurance-linked securities (ILS) market pricing in the wake of hurricane Ian implies a significant hard market is ahead, with issuance multiples perhaps needing to rise by 20% to 30%, according to Lane Financial LLC.
2. Without proper compensation, ILS investors will look elsewhere: Fitch
   If they aren’t properly compensated for taking catastrophe losses, investors in catastrophe bonds and other insurance-linked securities (ILS) are likely to look elsewhere for returns, Fitch Ratings has warned.
3. Florida reinsurance to be limited. Cost to rise above expectations: Citizens CEO
   Reinsurance capacity for lower-layers of Florida focused towers is expected to become very limited in 2023, while renewal rates are likely to rise above expectations, according to Citizens Property Insurance Corporation CEO Barry Gilway.
4. Cat bond market’s actual losses from Ian could be half the initial hit
   Realised losses from hurricane Ian for the catastrophe bond market could end up being as little as half the initial, and still current, mark-to-market decline in the outstanding cat bond market, sources have told Artemis and our analysis also backs this up.
5. K2 raising capital for new cat fund
   K2 International, the London-based specialist MGA, is out raising capital for additional reinsurance and possibly US retrocession & ILW underwriting in 2023.
6. Allstate cat bonds face Ian losses, as it sees $305m reinsurance recovery
   US primary insurance giant Allstate has pre-announced a range of items that added up to make the third-quarter a particularly challenging one for the company, but positively for the carrier its reinsurance tower has responded to losses from hurricane Ian and a $305 million recovery is anticipated.
7. Reinsurers were capital challenged even before hurricane Ian, Aon data shows
   Even before hurricane Ian slammed into Florida, a cohort of reinsurance companies tracked by broker Aon were capital challenged this year, as financial market volatility and macroeconomics dented capital for the group.
8. Accelerant hires ILS expert Jay Green from Goldman Sachs as Global CFO
   Accelerant, the insurtech that aims to help its members exchange and transfer risk more effectively and also connect them with long-term capital, has made a key hire in Jay Green, an executive with significant insurance-linked securities (ILS) experience, who will join the company as its Group Chief Financial Officer.
9. Post-hurricane Ian ILS market seen as “entry opportunity” by VP Bank
   Even with the losses from hurricane Ian hanging over the insurance-linked securities (ILS) market, Liechtenstein-based private bank VP Bank AG maintains an overweight view on the asset class and sees the rising premiums to come as an “entry opportunity” for investors.
10. Trapped ILS capital after Ian could shrink European reinsurance: Munich Re’s Blunck
    Speaking at a briefing held in advance of the annual Baden-Baden reinsurance meetings in Germany, Thomas Blunck, member of the board of management at Munich Re, explained that trapped ILS capital after hurricane Ian could influence reinsurance renewals across the European region.

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 41 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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