reinsurance

Issuance of private catastrophe bonds, or cat bond lites, has now reached $357.6 million in 2024, after two more privately placed insurance-linked securities (ILS) arrangements came to light from the Artex Capital Solutions managed Eclipse Re Ltd. structure.

Chubb has seen a further significant increase in the amount of retained catastrophe losses it will need to bear in the United States under its global property catastrophe reinsurance tower, as the US retention has increased by 59% and the company has significantly expanded out the top-layers of cover instead, with a core focus on […]

Here are the ten most popular news articles, week ending July 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.

The US cyber insurance industry loss from the recent CrowdStrike related IT outage is expected to come in below $1 billion, according to specialist insurer Coalition, with the company saying its modelling suggests a lower bound of $270 million or even lower, while the upper-bound is $960 million.

The global natural catastrophe protection gap widened again in 2023, rising 5.2% to US $385 billion in premium equivalent terms, but at the same time Swiss Re reports that there are signs of more protection being available, which over time should see more losses covered by insurance and reinsurance.

Artemis has learned of two new private catastrophe bond issuances from Mangrove Risk Solutions Bermuda Ltd., the platform operated by Marsh McLennan and reinsurance broker Guy Carpenter, with just over $39.5 million in risk capital issued across two zero-coupon transactions.

Bermuda-based reinsurance and third-party capital manager RenaissanceRe believes it stands better protected for hurricane season, with reduced exposure to smaller events and a portfolio that has been shaped with the help of Capital Partners vehicles, including an increased use of Upsilon, as well as more retrocession purchased.

When the rising cost of property and catastrophe reinsurance in the United States gets called out as affecting the affordability of insurance, commentators would do well to remember just how poorly US homeowners property insurance underwriters have performed.

The recent global IT systems outage caused by the CrowdStrike event can serve to build more confidence in cyber catastrophe bonds, as some of the biggest questions posed about this new segment of insurance-linked securities (ILS) were about how losses from a major cyber event would manifest, Jonathan Hatzor, CEO of Parametrix told us.

CyberCube, a specialist modelling firm for cyber risks and exposures, has estimated that insurance industry losses from the CrowdStrike linked global IT outage for the standalone cyber insurance market will be between $400 million and $1.5 billion.