This content is copyright to www.artemis.bm and should not appear anywhere else, or an infringement has occurred. According to Joachim Wenning, CEO and Chair of the Board of Management at Munich Re, the positive trends experienced in reinsurance over the last year are not expected to weaken during the remaining renewals of 2024. In his letter to shareholders at yesterdays Munich Re AGM, Wenning explained that reinsurance has been particularly good for Munich Re over the last year or so. Commenting on 2023, Wenning said, “Insurance revenue in this field rose to about €38bn, driven by organic g ..read more

This content is copyright to www.artemis.bm and should not appear anywhere else, or an infringement has occurred. Universal Insurance Holdings, the Florida headquartered insurer, has already completed its June reinsurance renewal and its CEO said that the company added more multi-year protection this time, while also adding more reinsurers to its panel. As a Florida focused carrier, Universal is considered one of the bellwether’s for signals of appetite for risk and use of reinsurance for those operating in the state. Back in March, the company had already revealed that it had secured 90% of ..read more

This content is copyright to www.artemis.bm and should not appear anywhere else, or an infringement has occurred. The Caribbean island nation of Jamaica is “pleased” to have secured coverage from its second World Bank supported catastrophe bond, Finance Minister Dr. Nigel Clarke has said, also citing his countries gratitude for financial support from Hong Kong, presumably through its ILS Grant Scheme. As Artemis reported yesterday, the latest catastrophe bond to be issued by and with the support of the World Bank, the IBRD CAR Jamaica 2024 cat bond, has now been priced to provide Jamaica $150 ..read more

This content is copyright to www.artemis.bm and should not appear anywhere else, or an infringement has occurred. USAA has now successfully priced its latest catastrophe bond to secure it a reduced amount of protection after one tranche of notes from the Residential Reinsurance 2024 Limited (Series 2024-1) issuance were dropped, with the remaining two multi-year tranches now finalised and set to provide it with $125 million of annual aggregate multi-peril reinsurance. This latest Residential Re catastrophe bond from USAA is the 43rd we have tracked from the insurer, the most prolific sponsor ..read more

This content is copyright to www.artemis.bm and should not appear anywhere else, or an infringement has occurred. Artemis understands that the price guidance has been updated at elevated levels for both tranches of the Atela Re Ltd. (Series 2024-1) catastrophe bond that is being sponsored by Nephila Capital to provide retrocession for its flagship Lloyd’s syndicate 2357. This is the first catastrophe bond directly sponsored by an entity of Nephila Capital, the insurance-linked securities (ILS) investment manager owned by Markel, and also the first to target protection for its Lloyd’s syndicat ..read more

This content is copyright to www.artemis.bm and should not appear anywhere else, or an infringement has occurred. According to Artemis’ Deal Directory data, which tracks issuances of catastrophe bonds and related insurance-linked securities, the outstanding market has hit a record high of more than $47 billion in risk capital outstanding, having already risen by 5% since the end of last year. As of today, issuance of new 144A catastrophe bonds and the few private cat bonds Artemis tracks has reached over $7.7 billion in 2024 so far. The catastrophe bond market is running at a record-setting p ..read more

This content is copyright to www.artemis.bm and should not appear anywhere else, or an infringement has occurred. According to Artemis’ Deal Directory data, which tracks issuances of catastrophe bonds and related insurance-linked securities, the outstanding market has hit a new record high of more than $47 billion in risk capital outstanding, having already risen by 5% since the end of last year. As of today, issuance of new 144A catastrophe bonds and the few private cat bonds Artemis tracks has reached over $7.7 billion in 2024 so far. The catastrophe bond market is running at a record-setti ..read more

This content is copyright to www.artemis.bm and should not appear anywhere else, or an infringement has occurred. In what is perhaps a reflection of an insurance and reinsurance marketplace with more catastrophe risk capital available, broker Marsh has for the first time in a while cited a slowing level of rate increases for catastrophe exposed commercial property accounts in the United States, with even some rate decreases reported. For around five years now, there hasn’t been any real talk of catastrophe exposed property insurance rates in the US decreasing. The seemingly inexorable rise in ..read more

This content is copyright to www.artemis.bm and should not appear anywhere else, or an infringement has occurred. The Government of Jamaica’s new World Bank facilitated catastrophe bond issuance remains at its initial $150 million in size, while the notes issued under this IBRD CAR Jamaica 2024 cat bond are now expected to be priced at the upper-end of initial guidance, Artemis has learned. Jamaica returned to the catastrophe bond market earlier this month, with an initial target to secure at least $150 million in parametric named storm disaster insurance protection from the capital markets t ..read more

This content is copyright to www.artemis.bm and should not appear anywhere else, or an infringement has occurred. In a sign of what could be to come through the 2024 Atlantic hurricane season and a clear signal of the elevated ocean heat content and sea surface temperatures in the Atlantic basin, the National Hurricane Centre (NHC) has already designated the first disturbance of 2024. With hurricane season forecasts all calling for a particularly active year, while some are calling for an enhanced or elevated landfall risk to the United States, insurance, reinsurance, catastrophe bond and ins ..read more