CEA renews $306m of reinsurance in June, lifting risk transfer to $9.15bn
The California Earthquake Authority (CEA) kept its reinsurance and risk transfer program relatively stable at renewals during June 2024, ending the month with a slight increase to just over $9.15 billion of limit. As the California Earthquake Authority (CEA) looks to control its reinsurance buying needs with a number of initiatives read the full article →
Two weeks until our Artemis London 2024 ILS market conference. Register soon
There are now only two weeks to go until our catastrophe bond and insurance-linked securities (ILS) market conference in London on Tuesday September 3rd. Tickets for Artemis London 2024 are selling fast, so please register soon if you want to attend. For our third ILS market conference held in London we read the full article →
Allstate’s aggregate catastrophe bond cat loss run-rate only at $1.3bn after July
We've learned that Allstate's annual aggregate catastrophe losses that are applicable under the terms of its Sanders Re catastrophe bond program has reached $1.3 billion after July 2024, so it is much lower than the accumulation of pre-tax catastrophe losses the company has suffered during the current risk period. As we read the full article →
Accelerant hires Peter Shen as Head of Capital Markets
Accelerant, the insurtech that helps members exchange or transfer risk more effectively and connects them with long-term capital, has appointed its first Head of Capital Markets, hiring Peter Shen for the position, an executive with experience in investment banking and insurance-linked securities (ILS). Shen was most recently at insurtech Cover Whale read the full article →
Toa Re Europe’s $25m Silver Crane cat bond triggered in full by Turkey quake
Toa Re Europe, the Switzerland-based European reinsurance arm of Japanese group Toa Reinsurance Company Ltd., has benefited from a full payout under its $25 million Silver Crane private catastrophe bond transaction, after the notes were triggered by industry losses from the Turkey earthquake event from early 2023, Artemis has learned. Toa read the full article →
NormanMax launches parametric earthquake reinsurance in Chile
NormanMax Insurance Holdings, the US based parametric insurance and reinsurance group launched by former Universal founder and CEO Bradley Meier, has expanded the reach of its parametric reinsurance solutions to include coverage for earthquakes in Chile. Seeing a need for greater availability of responsive risk transfer solutions, NormanMax has been expanding read the full article →
Leadenhall launches catastrophe bond fund for AUS-NZ in partnership with Bennelong
Leadenhall Capital Partners LLP, the London-headquartered specialist insurance-linked securities (ILS) and reinsurance linked investment manager, has launched a new catastrophe bond fund targeting investors in Australia and New Zealand, working in partnership with Bennelong Funds Management. Almost a year ago, Leadenhall and Bennelong announced a distribution agreement that would see Bennelong read the full article →
Industry loss from July floods in Toronto and southern Ontario over $940m: CatIQ
Severe flash flooding that affected the city of Toronto and parts of southern Ontario, Canada during the month of July 2024 are estimated to have caused on insurance industry loss of above $940 million, according to Catastrophe Indices and Quantification Inc. (CatIQ). The flooding struck on July 15th and 16th, adds read the full article →
Data and analytics advances may help parametric cat bond sponsors on basis risk: AM Best
Sponsors of catastrophe bonds with parametric triggers may benefit from advances in data and analytics that can help them in gaining a better understanding of the basis risk inherent in these instruments, analysis from AM Best suggests. In its latest report on the insurance-linked securities (ILS) market, rating agency AM Best read the full article →
ILS is key capacity for Beat under Ambac. Casualty an opportunity: Cavanagh & Anand
Speaking with Artemis after the completion of Ambac Financial Group's acquisition of a 60% stake in Beat Capital Partners, executives John Cavanagh and Naveen Anand told us that third-party capital in general and the ILS market are seen as key capacity for the group going forwards. As we had reported back read the full article →
