Best of Artemis, week ending July 21st 2024

Here are the ten most popular news articles, week ending July 21st 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.

Early Bird tickets are still available for Artemis London 2024, Sept 3rd!

Ten most read articles on Artemis.bm, week ending July 21st 2024:

Everest launches Mt. Logan Capital Management, to expand third-party capital offering
Everest Group announced the launch of Mt. Logan Capital Management, Ltd. (MLCM), marking a transformation of its existing alternative capital and insurance-linked securities (ILS) investment offering into a multi-vehicle third-party reinsurance capital management platform.
Brookmont to launch exchange-traded cat bond fund, Catastrophic Bond ETF
Brookmont Capital Management, LLC, an SEC registered investment manager, has launched a prospectus for the Brookmont Catastrophic Bond ETF, a new exchange traded fund strategy that will be predominantly focused on the catastrophe bond and insurance-linked securities (ILS) asset class.
Hurricane Beryl insured wind losses in Texas estimated $2.5bn to $3.5bn: CoreLogic
CoreLogic updated its estimate for industry insured losses caused by recent hurricane Beryl, putting the total for Texas wind losses at between $2.5 billion and $3.5 billion.
Tangency Capital adds $400m, growing assets under management to $1.8bn
Quota share reinsurance focused investment manager Tangency Capital Ltd. has had continued success in raising assets through the first-half and mid-year renewal season, adding $400 million in assets to reach now $1.8 billion in ILS AUM.
Aon hires London Bridge experienced Ed Thomas as Head of Lloyd’s Capital
Aon announced the hire of Ed Thomas as its new Head of Lloyd’s Capital, with the new addition bringing experience gained in the development of the London Bridge insurance-linked securities structures specific to the Lloyd’s marketplace.
US property cat reinsurance rates drop at mid-year, still up 1.2% for 2024: GC
Property catastrophe reinsurance rates-on-line slowed further at the recent mid-year renewals, with a general flat to slightly down rate environment, resulting in broker Guy Carpenter’s U.S. Property Catastrophe Rate-On-Line Index now being up by just 1.2% in 2024.
Swiss Re names Minter Head of Alternative Capital Partners (ACP) as Rüede departs
Swiss Re has appointed employee Chris Minter as the new Head of its Alternative Capital Partners (ACP) division, as incumbent to the position Philipp Rüede is departing the global reinsurance company.
Porch rejects Gallagher’s motion to dismiss Vesttoo reinsurance deal complaint
Porch Group, the owner of insurer Homeowners of America Insurance Company (HOA) which was impacted by the Vesttoo reinsurance letter of credit (LOC) collateral fraud, has responded to broker Gallagher’s motion to dismiss the legal case Porch had raised, saying it believes the company failed to satisfy the obligations of their contract.
World Bank aiming for first drought catastrophe bond, says Reuters
The World Bank is reportedly aiming to issue its first drought catastrophe bond over the next 12 – 18 months, which would most likely be focused on Africa, George Richardson, director of the capital markets and investment department at the World Bank Treasury, told Reuters.
Guy Carpenter launches FloodShield, near real-time parametric flood cover
Guy Carpenter is rolling out a new parametric flood product that has been designed to enable risk transfer for large portfolios of exposure across wide-areas. The FloodShield triggers are structured with the help of Floodbase, KatRisk, and ICEYE, plus this could be a solution that utilises ILS market capacity in future.