Best of Artemis, week ending June 25th 2023

Here are the ten most popular news articles, week ending June 25th 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.

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Ten most read articles on Artemis.bm, week ending June 25th 2023:

Rear & Allen SPAC plans £1bn listed Lloyd’s vehicle, using London Bridge 2 PCC
A SPAC launched in 2022 by sector executives William Allen and Andrew Rear, is in talks on a deal to launch a £1 billion capacity listed Lloyd’s underwriting investment vehicle, that will use ILS structure London Bridge 2 PCC Ltd. to channel capital into the market.
US Severe Convective Storm insured losses $25bn+ YTD: Gallagher Re’s Bowen
As the United States continued to experience outbreaks of severe convective storms (SCS), large hail and some tornadoes in recent days, Steve Bowen, Chief Science Officer at reinsurance broker Gallagher Re said the total cost to the insurance industry from this peril has likely surpassed $25 billion year-to-date.
ILS funds delivering decadal high (and more) returns YTD in 2023
Numerous insurance-linked securities (ILS) fund strategies have delivered decadal high returns, at least, so far in 2023, as the higher reinsurance rate environment and elevated spreads for instruments like catastrophe bonds boost their performance.
Blackstone seeks $250m multi-peril indemnity cover with second Wrigley Re cat bond
Investment giant Blackstone has returned to the catastrophe bond market for the second time, seeking a $250 million or greater source of multi-peril and indemnity based catastrophe insurance protection for risks held by its real estate funds, from this Wrigley Re Ltd. (Series 2023-1) cat bond deal.
Collateralized ILS fund capital raising still slower going than cat bonds
Raising capital into collateralized reinsurance investment fund opportunities continues to be a much slower segment of the insurance-linked securities (ILS) market than catastrophe bonds, which is buoying hopes the hard reinsurance market could be prolonged well into 2024.
World Bank to build on catastrophe insurance solutions such as cat bonds
The World Bank Group said today it intends to build on its already available catastrophe insurance solutions, such as catastrophe bonds, to make access to disaster risk financing without adding debt a reality for member countries.
Fidelis targets hard market growth as it launches New York IPO
Fidelis Insurance Holdings Limited, the specialty insurance and reinsurance firm launched by Richard Brindle, has launched its awaited New York initial public offering (IPO), as the company seeks new capital to fund additional expansion into the hard market conditions.
Europe directs ESMA to study eligible assets for UCITS (including cat bonds)
We’ve learned that the European Commission has now directed financial regulator the European Securities & Markets Authority (ESMA) to study eligible assets for UCITS investment fund strategies, to ensure their suitability, with catastrophe bonds explicitly mentioned.
Marsh looks to capital market alternatives as US property rates accelerate
The broker noted that capacity is increasingly an issue and alongside losses this has served to drive US property insurance rate increases higher in the first-quarter of 2023.
Climate-driven US hurricane losses to rise at least 10% in certain scenarios, warns Aon
The impact of climate change has the potential to increase hurricane losses in the U.S. by at least 10% over two decades in certain scenarios, according to insurance and reinsurance broker Aon’s work with Columbia University.