This content is copyright to www.artemis.bm and should not appear anywhere else, or an infringement has occurred. Early signs suggest that the Florida catastrophe reinsurance renewals at June 1st 2024 will see improved conditions for cedents, as capital has flowed in and reinsurer appetites have recovered, according to Marsh McLennan CEO John Doyle. Speaking yesterday during the Marsh McLennan earnings call, Doyle highlighted an improving marketplace for the clients of his firm’s reinsurance broker Guy Carpenter. The recent April 1st reinsurance renewals saw increased capacity and reinsurer a ..read more

This content is copyright to www.artemis.bm and should not appear anywhere else, or an infringement has occurred. Arbol, a technology-led underwriter of parametric risk transfer, climate and weather insurance or reinsurance business, has established Lilypad Insurance as a homeowners specialist carrier and the subsidiary has acquired Centauri Insurance from Applied Underwriters. This is Arbol’s first move into the US homeowners indemnity insurance space and the parametric specialist sees this as a a hybrid distribution channel, which can also assist in its goal of growing the total addressable ..read more

This content is copyright to www.artemis.bm and should not appear anywhere else, or an infringement has occurred. Citizens Property Insurance Corporation is seeking what could be its biggest catastrophe bond ever, with an initial target of some $950 million of notes offered via a dual-series Everglades Re II Ltd. (Series 2024-1 & 2024-2) issuance, but with both two and three year note series available it looks like market appetite will decide the eventual make-up of the deal. Florida Citizens is bringing three tranches of three-year cat bond notes and three tranches of two-year notes to t ..read more

This content is copyright to www.artemis.bm and should not appear anywhere else, or an infringement has occurred. In a further sign that catastrophe bond pricing could be at or approaching the bottom, for now at least, while Aspen has significantly increased the target size for its new Kendall Re Ltd. (Series 2024-1) transaction to as much as $375 million, the pricing for both tranches of notes has risen relatively significantly as well. Initially, when Aspen Insurance Holdings returned to the catastrophe bond market with its latest international multi-peril and industry-loss trigger based ca ..read more

This content is copyright to www.artemis.bm and should not appear anywhere else, or an infringement has occurred. Louisiana Citizens Property Insurance Corporation has now secured the upsized $275 million of collateralized named storm reinsurance from its new Bayou Re Ltd. (Series 2024-1) catastrophe bond as pricing was finalised at the low-end of reduced guidance, with the deal becoming its largest cat bond to-date. Louisiana Citizens, the non-profit insurer of last resort for residential and commercial property policies in the state, launched its latest cat bond, Bayou Re 2024-1, to investo ..read more

This content is copyright to www.artemis.bm and should not appear anywhere else, or an infringement has occurred. US primary insurer Allstate added $343 million of catastrophe losses in the month of March, taking its Q1 2024 cat loss total to $731 million, suggesting further erosion of the retention under the firm’s aggregate reinsurance cat bond coverage, although the data suggests that the tranches of notes do appear safe from actual losses. As we wrote previously, by the end of 2023, Allstate had reported just shy of $3.9 billion of pre-tax cat losses since April 1st of the same year, whic ..read more

This content is copyright to www.artemis.bm and should not appear anywhere else, or an infringement has occurred. The portfolio of insurance-linked securities (ILS) and reinsurance investments managed by PGGM, the Dutch pension investment manager that allocates the largest amount to the insurance-linked securities (ILS) market on behalf of end-client the Dutch pension PFZW, has shrunk in size by roughly 6% over the first-quarter of 2024. According to the latest quarterly data published by Dutch pension fund for the care and healthcare sector PFZW, the insurance-linked securities (ILS) investm ..read more

This content is copyright to www.artemis.bm and should not appear anywhere else, or an infringement has occurred. Having recently spent time meeting with the insurance-linked securities (ILS) market at the SIFMA annual conference in March and caught up with other market participants since, we come away with a feeling that the ILS market remains keenly focused on holding onto gains made in recent years, with no ambition to revert back to the market softness seen up to 2017. We met with specialist ILS investment managers, multi-asset class fund managers, large institutional end-investors, fixed ..read more

This content is copyright to www.artemis.bm and should not appear anywhere else, or an infringement has occurred. In an outlook on the private markets investment sector for the second-quarter of 2024, Schroders Capital Chief Investment Officer (CIO) Nils Rode explains that insurance-linked securities (ILS) are an area of value in the current environment. The Schroders Capital CIO also highlights a much-improved and more “normalised” environment for fund-raising, with “promising investment opportunities” available in private asset classes. Given the current geopolitical environment, investors ..read more

This content is copyright to www.artemis.bm and should not appear anywhere else, or an infringement has occurred. For private equity investors, the use of alternative capital vehicles and insurance-linked securities (ILS) structures presents a mature way to take advantage of reinsurance market cycles in an efficient manner, analysts at BMO Capital Markets have highlighted. This is a trend we’ve closely watched over the years, where some equity investors are now aware that they can access the risk premium of the reinsurance market, without all of the operational risk and overhead, through stru ..read more