Best of Artemis, week ending May 12th 2024

Here are the ten most popular news articles, week ending May 12th 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.

Ten most read articles on Artemis.bm, week ending May 12th 2024:

Cat bond spreads widen in secondary market, RMS V23 said having an effect
Over the course of the last month, what had been an environment of catastrophe bond spreads tightening has shifted to one where spread widening has been seen through most of April and into the first week of May, which alongside more balanced supply and demand, some attribute at least in part to the latest hurricane risk model update from Moody’s RMS.
Leadenhall sues 777 Partners & related persons/entities over collateral fraud
Leadenhall Capital Partners LLP, the London-headquartered specialist insurance-linked securities (ILS) and reinsurance linked investment manager, has filed a lawsuit accusing investment firm 777 Partners, its co-founders and related entities of fraud, stating that collateral pledged for a lending agreement it provided was double-pledged or did not even exist.
Catastrophe bond market yield jumps 7% in April, to reach 12.8%
The total yield of the catastrophe bond market in US dollars has risen by roughly 7% during the month of April, to reach a level of 12.8%, with slightly higher collateral yields plus an 11.5% recovery in insurance risk spreads the key drivers.
State Farm prices $1bn of Merna Re II 2024-1 catastrophe bonds
We’ve learned that US primary insurance giant State Farm has now priced $1 billion of new catastrophe bond notes under a Merna Re II Ltd. (Series 2024-1) issuance, which we understand will provide reinsurance for losses from multiple perils through a transaction that will settle next week.
Porch sues China Construction Bank over Vesttoo reinsurance collateral fraud
Porch Group has filed a law suit in New York against China Construction Bank Corporation, over the Vesttoo reinsurance collateral fraud, accusing the massive Chinese bank of “enabling its personnel to perpetrate a colossal fraud” on the plaintiffs.
ECMWF calls for 13 Atlantic hurricanes in full 2024 Atlantic season outlook
The European Centre for Medium-Range Weather Forecasts, or ECMWF, has now released its outlook for the full 2024 Atlantic hurricane season, calling for 23 named storms and 13 hurricanes to form.
Swiss pension PKBS (Basel) to exit insurance-linked securities investments
The Board of Directors of the Pensionskasse Basel-Stadt have elected to dissolve the pensions insurance-linked securities (ILS) investment portfolio, opting to allocate more to domestic real estate opportunities and fixed income instead.
Nephila gets $300m Arachne mandate from Florida State pension in Q1
Nephila Capital, the insurance and reinsurance linked investment manager owned by Markel Group, has won a mandate from the Florida State Board of Administration during the first-quarter, to deploy $300 million into reinsurance through Arachne, a Bermuda based ILS structure.
RenRe bought more retrocession at 1/1. To secure additional at June as well: CEO
RenaissanceRe secured additional retrocessional protections at the 1/1 renewals this year, ceding more in the way of its property catastrophe premiums than it had a year earlier.
Texas Windstorm (TWIA) ready to sign reinsurance renewal lines
Having already secured its largest ever catastrophe bond issue this year, the Texas Windstorm Insurance Association (TWIA) is now ready to sign lines for its reinsurance renewal, with support secured for the rest of its capacity needs, according to staff and broker Gallagher Re’s executives.

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 29 new articles published in the last week.

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