Best of Artemis, week ending January 14th 2024

Here are the ten most popular news articles, week ending January 14th 2024, covering catastrophe bonds, ILS, reinsurance capital and related risk transfer topics. To ensure you never miss a thing subscribe to the weekly Artemis email newsletter updates or get our email alerts for every article we publish.

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Ten most read articles on Artemis.bm, week ending January 14th 2024:

American Integrity’s cat bonds face rising hurricane Ian losses
American Integrity has raised its estimate for losses from 2022’s hurricane Ian and this has caused a further decline in the secondary market prices for some of its Integrity Re catastrophe bonds, with one issuance now marked as likely facing a total loss.
Hannover Re whole account retro renews risk-adjusted flat, with Liberty lead
Hannover Re’s key whole account catastrophe excess-of-loss retrocession renewal was completed with pricing flat on a risk-adjusted basis, as higher exposure levels for large retro towers were met with comparably higher rates, resulting in roughly flat outcomes at January 1st.
Mortality cat bond risk rises. Swiss Re’s Vita marked near total loss, Matterhorn extended
The threat of loss to investors in mortality catastrophe bonds has increased in recent weeks, with Swiss Re’s Vita Capital VI deal marked down for a near total loss and one of the Matterhorn Re cat bonds sponsored by the reinsurer has seen its maturity extended, as mortality estimates have risen again.
UCITS cat bond fund assets soar 25% to record near $11bn high in 2023
Catastrophe bond funds in the UCITS format experienced significant growth in assets under management in the final quarter of 2023, growing by 10.5% that period, to end the year with almost $11 billion of assets across this group of cat bond funds.
Leadenhall hires Yuko Hoshino from Securis for Japan & Asia business development
Leadenhall Capital Partners LLP, the London-headquartered specialist insurance-linked securities (ILS) and reinsurance linked investment manager, has announced a new key hire, with experienced Japan and Asia business development specialist Yuko Hoshino joining the company.
Vesttoo creditors seek to minimise Aon & equity holder bankruptcy plan votes
The Committee of Unsecured Creditors in the Chapter 11 bankruptcy case of insurtech Vesttoo have objected to broking group Aon being allowed multiple votes on the proposed plan of bankruptcy, while also saying claims from equity holders in certain Vesttoo structures should be denied votes completely.
Farmers’ Topanga Re cat bond maturity extended as losses near attachment
One tranche of the Topanga Re Ltd. (Series 2021-1) catastrophe bond that was sponsored by Farmers Insurance Group has had its maturity date extended, as qualifying losses under the aggregate reinsurance contract are now approaching the attachment point for the notes.
RenaissanceRe “not constrained to grow ILS”, says CEO O’Donnell
RenaissanceRe’s CEO Kevin O’Donnell believes his firm is well-positioned to continue growing its insurance-linked securities (ILS) offering and doesn’t see the rest of the market as able to disrupt its strategy.
Global natural disasters cost insurers $95bn in 2023: Munich Re
Over the course of last year, global natural disasters and severe weather are estimated to have caused the insurance and reinsurance industry losses of US $95 billion, Munich Re estimates, while the economic cost of the same disasters is put at $250 billion by the reinsurer.
Tangency Capital grew assets 130%+ to $1.4bn, returns neared 40% in 2023
Tangency Capital Ltd., an insurance-linked securities (ILS) investment fund manager with a strategy focused on allocating capital to quota share reinsurance business, experienced strong growth in 2023, starting the new year with roughly $1.4 billion of assets under management.