Here are the ten most popular news articles, week ending January 28th 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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Presenting to the Florida House Insurance and Banking Subcommittee yesterday, Tim Cerio, the CEO of Citizens Property Insurance Corporation, said that depopulation efforts are expected to accelerate this year, while the ultimate goal is to reduce the policycount to around 400,000.
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Despite some obvious limitations which can be overcome, 2023 will be remembered as the year when cyber insurance-linked securities (ILS) became a reality, with further developments expected in the year ahead, according to Jose Seara and George Mawdsley of DeNexus.
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There are now only two weeks left until our upcoming insurance-linked securities (ILS) conference. ILS NYC 2024 will be held in New York City on February 9th 2024 and spaces are now running low, so please register soon if you want to join us.
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Arbol, a technology-led underwriter of parametric risk transfer, climate and weather insurance or reinsurance business, has completed a novel trade on a California water price index, executing a call spread option that can help parties hedge against adverse movements in the price of water.
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Brazil’s regulations for “Letra de Risco de Seguro”, or LRS which translates to Letter of Insurance Risk and are effectively insurance-linked securities (ILS) laws, have passed a key hurdle and been approved by its National Monetary Council.
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GeoVera Insurance Holdings, Ltd., a specialty earthquake-focused residential property insurance company, is now aiming to secure an upsized $175 million or more in US earthquake reinsurance via its new Veraison Re Ltd. (Series 2024-1) catastrophe bond issuance.
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Insurance and reinsurance broker Aon expects the industry faces hundreds of millions in losses from recent windstorm events in Europe, as well as winter storms and severe weather in the United States.
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Porch Group, owner of a homeowners insurer that found a letter of credit (LOC) backing its reinsurance deal with insurtech Vesttoo was forged, has agreed a $30 million strategic arrangement with broking giant Aon that includes releasing all claims related to the fraud it had against the broker.
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A new private catastrophe bond arrangement has come to light, as the Artex Capital Solutions managed Eclipse Re structure has issued a $100 million Eclipse Re Ltd. (Series 2024-1A) deal.
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Home insurtech Hippo has completed its reinsurance program renewal for 2024, expanding its excess-of-loss reinsurance protection, while dialling back its proportional cover through quota shares to retain more risk.
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The property catastrophe reinsurance market saw a “more consistent trading rhythm” at the 1/1 2024 renewals, but still some clients have been left holding more volatility, according to Guy Carpenter CEO Dean Klisura.
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Pillar Capital Management Limited, the Bermuda-based specialist collateralized reinsurance and insurance-linked securities (ILS) investment manager, had continued capital raising success in the second-half of last year, growing its ILS asset base to a new high of $4.4 billion.
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While reporting a strong January 1st 2024 reinsurance renewals, at which it grew its premiums written by 38%, pure-play Bermuda reinsurer Conduit Re has also highlighted some signs of the moderating market environment in US property risks, particularly in excess-of-loss (XoL) business.
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