Best of Artemis, week ending October 15th 2023

Here are the ten most popular news articles, week ending October 15th 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 October 15th 2023:

Vesttoo case: Creditor committee ask to conduct legal discovery on Aon
The Committee of Unsecured Creditors in the Chapter 11 bankruptcy case of insurtech Vesttoo has now filed a request with the court to allow them to conduct legal discovery on insurance and reinsurance broking group Aon and certain related entities that have been exposed to the letter of credit fraud issues.
Bermuda remains world-leader for cat bonds, ILS and Convergence
Bermuda continues to be the world-leading insurance-linked securities (ILS) domicile, with the vast majority of the catastrophe bond market and a significant proportion of the rest of the ILS market, domiciled or serviced on the island, while its industry continues to drive forwards reinsurance and capital markets Convergence.
UCITS cat bond funds shrink 4% in Q3. Twelve Capital strategy now the largest
Catastrophe bond funds in the UCITS format experienced some outflows in the third-quarter of the year, with their combined assets under management falling by 4% to just over $9.95 billion in the period.
Progressive to exit more property insurance business in Florida
Florida’s property insurance market continues to face challenges from a reduction in appetites, among many major insurers, to write property business in the state, with Progressive the latest to be reported to be pulling back.
Significant investor interest. A wall of money, but slower moving: John Seo at Convergence
Speaking at the Convergence 2023 event in Bermuda, John Seo, Co-Founder & Managing Director at Fermat Capital Management, explained that there is significant investor interest in insurance-linked securities (ILS) right now, but when it comes to allocating, capital is slower moving these days.
Weather derivative market activity soars on belief extremes to increase: Report
The weather derivatives market has seen activity levels roughly quadruple this year, as trading in weather futures and options on the Chicago Mercantile Exchange (CME) soared, with the main driver said to be the belief that extreme weather events are set to increase.
Hurricane Lidia rapid intensification could drive Fonden cat bond price pressure
Hurricane Lidia rapidly intensified on-approach to Mexico’s Pacific coast late yesterday, with the storm’s sustained wind speeds doubling and its central pressure dropping rapidly as it neared landfall, which could serve to drive some price pressure, or uncertainty at least, to the Class D notes of the Mexican governments IBRD / FONDEN 2020 catastrophe bond.
Florida insurance rates unlikely to fall, reinsurance a factor: KCC
Property insurance premiums in Florida are not expected to start falling anytime soon, despite the legislative efforts of lawmakers in the state, with reinsurance costs and reinsurers desire to be adequately compensated for the risks a key factor, according to risk modelling firm Karen Clark & Company (KCC).
Innovate to narrow frequency / secondary peril reinsurance protection gaps: Aon
Concerns are being voiced over the way reinsurance capital has moved further away from secondary perils, as well as the reduction in available aggregate coverage, which perhaps led Aon to state in a recent report that this is a critical area where innovative efforts may be able to fill some of the reinsurance protection gaps.
Cat bond funds rise 11.81% YTD, on demand, spreads & floating return
Catastrophe bond funds in the UCITS format delivered an average return of 11.81% across the group according to the Plenum CAT Bond UCITS Fund Indices, with a number of factors continuing to drive returns towards record annual levels.

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 31 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.

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