Vesttoo case: Constructive trust & cell issues persist, as JPL’s object to settlements
Artemis News Blog
by Steve Evans
1h ago
This content is copyright to www.artemis.bm and should not appear anywhere else, or an infringement has occurred. The joint provisional liquidators (JPL’s) to the cells of the Aon White Rock SAC vehicle that were affected by the Vesttoo letter of credit (LOC) in reinsurance fraud have objected to settlements reached between bankruptcy creditors, saying care must be taken to ensure constructive trust claims are respected and those entering into settlements do not receive preferential treatment. As we’ve been reporting, thanks to what appears to have been an effective mediation process, a numbe ..read more
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ILS may continue as primary source of new reinsurance capacity in 2024: Bloomberg
Artemis News Blog
by Steve Evans
1h ago
This content is copyright to www.artemis.bm and should not appear anywhere else, or an infringement has occurred. Insurance-linked securities (ILS) and alternative reinsurance capital structures may continue to be the primary source of new reinsurance capacity through 2024, according to analysts at Bloomberg Intelligence. The analysts suggest that alternative reinsurance vehicles “compete with rated-reinsurers and thereby hurt pricing”, which we’d suggest is a bit of a generalisation. If one were to look back at the last significant softening of the market, through the early to mid-2010’s, it ..read more
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Herbie Re cat bonds critical to capital management & protection: Fidelis CUO Houston
Artemis News Blog
by Steve Evans
5h ago
This content is copyright to www.artemis.bm and should not appear anywhere else, or an infringement has occurred. With the recent successful completion of its fifth catastrophe bond in the Herbie Re series of deals, Fidelis Insurance Group finds the cat bonds offer a “critical component” of its capital management and protection arrangements, Ian Houston, Chief Underwriting Officer has said. As Artemis has reported, Fidelis recently secured its latest catastrophe bond, Herbie Re Ltd. (Series 2024-1), with the deal now providing the company a targeted $150 million source of fully-collateralized ..read more
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Tokio Marine sponsoring new $100m Kizuna Re quake cat bond from Singapore
Artemis News Blog
by Steve Evans
20h ago
This content is copyright to www.artemis.bm and should not appear anywhere else, or an infringement has occurred. Tokio Marine & Nichido Fire Insurance Co. Ltd., the giant Japanese primary insurance group, has returned to the catastrophe bond market seeking issuance of a $100 million Kizuna Re III Pte. Ltd. (Series 2024-1) transaction, that is being issued out of Singapore to provide the company with collateralized earthquake reinsurance protection. This is the ninth catastrophe bond we have listed in our extensive Deal Directory that will benefit part of the Tokio Marine Holdings group o ..read more
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Everest promotes Beggs to Reinsurance COO, with oversight of Mt. Logan Re
Artemis News Blog
by Steve Evans
20h ago
This content is copyright to www.artemis.bm and should not appear anywhere else, or an infringement has occurred. Global insurance and reinsurance specialist Everest Group has made two senior promotions in its Reinsurance division, with Jill Beggs becoming its Chief Operating Officer, a role that will see her having oversight of the Mt. Logan Re operation at the firm, while Jiten Voralia has been named Head of North America Treaty. Effective immediately, the promotions further strengthen the reinsurance underwriting operations at Everest Group. Beggs has been promoted to Reinsurance EVP and C ..read more
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Demand-driving collateralized opportunities, but clarity key: ILS NYC 2024
Artemis News Blog
by Steve Evans
23h ago
This content is copyright to www.artemis.bm and should not appear anywhere else, or an infringement has occurred. Insurance-linked secuities (ILS) market participants are seeing a demand-driven opportunity emerge in collateralized reinsurance and retrocession, but speakers at our recent ILS NYC 2024 conference said that while investor demand for returns from these products is rising again, the clarity of coverage terms is key. This panel session at our ILS NYC 2024 conference on February 9th was focused on the collateralized and private side of the ILS market, with the theme of the discussion ..read more
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Arch targets lower pricing for new Ramble Re industry-loss cat bond
Artemis News Blog
by Steve Evans
1d ago
This content is copyright to www.artemis.bm and should not appear anywhere else, or an infringement has occurred. Arch Capital Group, the Bermuda headquartered specialty insurance and reinsurance company, is now targeting reduced pricing for its latest catastrophe bond, with the spread guidance offered for the still $100 million of Ramble Re Ltd. (Series 2024-1) cat bond notes now lowered. Arch returned to the catastrophe bond market earlier this month with this first Ramble Re cat bond, looking to secure additional capital market backed property catastrophe retrocession for its Arch Re under ..read more
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Gallagher Specialty looks to ride wave of parametric insurance interest
Artemis News Blog
by Steve Evans
1d ago
This content is copyright to www.artemis.bm and should not appear anywhere else, or an infringement has occurred. Gallagher Specialty, the broking arm of the Gallagher group that deals with large multinational clients, is another company looking to ride the current rising wave of interest and growth in parametric insurance, by establishing a centre of excellence for this kind of risk transfer. We’ve been covering parametric risk transfer structures and arrangements for more than a quarter of a century, but never have we seen such interest in this product set, as we are seeing emerge in 2024 ..read more
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AXA buys 25% more catastrophe reinsurance for 2024 at stable retentions
Artemis News Blog
by Steve Evans
1d ago
This content is copyright to www.artemis.bm and should not appear anywhere else, or an infringement has occurred. Global insurance and reinsurance giant AXA has significantly expanded its catastrophe reinsurance protection at the January 2024 renewal season, with much more limit purchased but all of its retentions kept stable year-on-year. It’s a further example for how increased demand for reinsurance capacity is continuing to soak up any additional capital that flows into the market, with numerous large buyers having increased their limit purchases for 2024. For 2024, AXA has purchased sign ..read more
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Zurich adds top-layer cat reinsurance for Europe, US all-perils retention shrinks
Artemis News Blog
by Steve Evans
1d ago
This content is copyright to www.artemis.bm and should not appear anywhere else, or an infringement has occurred. European headquartered re/insurer Zurich has further adjusted its catastrophe reinsurance arrangements for 2024, adding a new top-layer of protection in Europe, so lifting the top of that tower, while reducing its US all-perils retention so coverage will attach earlier there. A year ago, Zurich’s reinsurance renewal for 2023 saw the re/insurer opting not to renew its global aggregate catastrophe treat, while adding more top-layer catastrophe coverage and a US earthquake swap. For ..read more
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