Best of Artemis, week ending December 3rd 2023

Here are the ten most popular news articles, week ending December 3rd 2023, 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.

Ten most read articles on Artemis.bm, week ending December 3rd 2023:

Chubb sponsoring its first 144A cyber cat bond, $100m East Lane Re VII
A third full 144A cyber catastrophe bond is now in the market and this latest issuance is being sponsored by international insurance giant Chubb, as the company returns to the cat bond market for the first time since 2015, seeking $100 million or more in cyber reinsurance protection from an East Lane Re VII Ltd. (Series 2024-1) transaction.
Clear Blue files legal action against Aon over Vesttoo letter of credit fraud issue
Artemis learned that fronting specialist Clear Blue Insurance has filed a lawsuit against broking giant Aon, in relation to the reinsurance letter of credit (LOC) fraud perpetrated by insurtech Vesttoo.
Cat bond market pipeline outgrows available capital. 2024 could see active start
We’re told that the catastrophe bond market pipeline, of potential deals that could have launched during the fourth-quarter of this year, had become so large that the market is currently deemed to lack the necessary capital to execute on every issuance, resulting in expectations of a strong start to the first-quarter of 2024 for cat bonds.
Cat exposed property to see the biggest rate gains in 2024: WTW
Catastrophe exposed commercial property insurance renewals are expected to see some of the biggest rate gains in 2024, as pressure continues and a challenged reinsurance market drives buyers towards alternative solutions, to offset rising rates.
Collateralized reinsurer Northern Re raises additional $50m
Cayman Islands based collateralized reinsurance company Northern Reinsurance SPC, Ltd. (Northern Re) has taken its committed capital to $75 million, after it raised an additional $50 million from investors to allocate to programs of high-frequency, low-severity insurance risks.
AXA XL lifts Galileo Re cat bond target to as much as $400m
AXA XL, the global specialty insurance and reinsurance unit of the AXA Group, has increased the target size for its new Galileo Re Ltd. (Series 2023-1) catastrophe bond issuance, with now up to $400 million in protection sought from the deal.
On model confidence, volatility, frequency and emergent reinsurance protection gaps
Having spent time in Bermuda and attended the recent PwC Insurance Summit on the island, the equity analyst team at BMO Capital Markets has concluded that the insurance and reinsurance industry is suffering a lack of confidence in its risk models, which they say has been a key driver in capital flight and retrenching higher.
White Mountains marks-up valuation of Elementum Advisors stake
White Mountains has marked-up the valuation of its stake in insurance-linked securities (ILS) investment fund manager and collateralised reinsurance underwriter Elementum Advisors, LLC, even though the proportion of the ILS manager that it owns had been reduced.
Reinsurance supply to outstrip demand at some return periods: Gulbransen, Howden Tiger
Reinsurance capital supply is set to outstrip demand at certain return periods, according to Howden Tiger’s Head of North America Reinsurance, Wade Gulbransen, who explained that, as a result, the broker is asking clients and markets to look at how frequency cat loss issues can be addressed.
Finding ILS managers with proper capital reserving techniques crucial: Cambridge Associates
According to Joe Tolen, Investment Director in the Credit Investment Group at Cambridge Associates, one of the crucial elements of insurance-linked securities (ILS) manager selection is the ability to “identify managers with appropriate capital reserving techniques, necessary in the immediate aftermath of large catastrophic events.”

This is not every article published on Artemis during the last week, just the most popular among our readers over the last seven days. There were 32 new articles published in the last week. To ensure you always stay up to date with Artemis and never miss a story subscribe to our weekly email newsletter which is delivered every Wednesday.

View the current breakdown of the ILS market in our range of charts, allowing you to analyse cat bond issuance.

Check out the assets under management of the ILS fund market with our ILS investment manager directory.

Get listed in our MarketView directory of professionals.