This content is copyright to www.artemis.bm and should not appear anywhere else, or an infringement has occurred. 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. Writing in a blog post, Coalition co-founder […] Coalition: Modelling indicates CrowdStrike US cyber insurance loss below $1bn was published by: www.Artemis.bm Our catastrophe bond deal di ..read more

This content is copyright to www.artemis.bm and should not appear anywhere else, or an infringement has occurred. 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. Swiss Re’s Institute sigma research team […] Nat cat gap expands 5.2% to $385bn, but protection more available: Swiss Re was published by: www.Artemis.bm Our catastrophe bond deal direc ..read more

This content is copyright to www.artemis.bm and should not appear anywhere else, or an infringement has occurred. 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. These two latest private cat bond deals to emerge are a new $26.325 million Mangrove […] Marsh and GC’s Mangrove Risk Solutions issues $39.5m in private cat bonds was published by: www.Artemis.bm Our catastroph ..read more

This content is copyright to www.artemis.bm and should not appear anywhere else, or an infringement has occurred. 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. Speaking today during the RenaissanceRe second-quarter 2024 earnings […] RenRe increases uses of Upsilon, buys more retro, shapes portfolio for hurricane se ..read more

This content is copyright to www.artemis.bm and should not appear anywhere else, or an infringement has occurred. 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. Reinsurance pricing is often cited as having a negative effect on the affordability of homeowners insurance in […] US homeowners insurance underwriting loss in 2023 was worst this century was published by: www.Artemis.bm Our c ..read more

This content is copyright to www.artemis.bm and should not appear anywhere else, or an infringement has occurred. Breaking news today as established insurance-linked securities (ILS) investment managers Twelve Capital and Securis Investment Partners have announced their intention to merge, with the resulting ILS manager set to be a significant founder-led business with around $7.8 billion in assets under management. Both sets of shareholders are set to remain fully invested in the combined business and this transaction is expected to realise a significant opportunity to combine talent, assets ..read more

This content is copyright to www.artemis.bm and should not appear anywhere else, or an infringement has occurred. 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. According to CyberCube, last week’s IT outage represents a loss ratio impact of somewhere between 3% and 10% on global cyber premiums of $15 billion. The company views the event as somewhere between the 1-in-2 and 1-in-6 year industry l ..read more

This content is copyright to www.artemis.bm and should not appear anywhere else, or an infringement has occurred. RenaissanceRe, the Bermuda based reinsurance and third-party capital management specialist, has reported its highest ever quarterly fee income from third-party capital and insurance-linked securities (ILS) activities, as higher assets under management (AUM) and strong performance drove a 48.3% year-on-year increase. At $84.1 million, the fee income earnings for a single quarter are significant, especially when compared to total company earnings amounting to $495 million of net inc ..read more

This content is copyright to www.artemis.bm and should not appear anywhere else, or an infringement has occurred. According to sources, the $40 million Astro Re Pte. Ltd. (Series 2021-1) catastrophe bond, sponsored in 2021 by U.S. primary insurance group First Protective on behalf of itself and subsidiary Frontline Insurance, has been marked down in the secondary market, on concerns over exposure to rising losses from 2022’s hurricane Ian. First Protective and Frontline Insurance underwrite property business in the state of Florida, as well as other coastal states, so naturally the Astro Re P ..read more

This content is copyright to www.artemis.bm and should not appear anywhere else, or an infringement has occurred. Aon has announced the promotion of Nick Moore as its new CEO, Bermuda for the Commercial Risk Solutions division, a position that will see him tasked with increasing the uptake of alternative capital solutions for large corporate clients. Moore has worked at the insurance and reinsurance broking group for almost three decades, in a range of senior roles focused on broking property and casualty risk solutions to commercial and corporate clients. Most recently he was Aon’s Chief Bro ..read more