Best of Artemis, week ending July 14th 2024

Here are the ten most popular news articles, week ending July 14th 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.

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Ten most read articles on Artemis.bm, week ending July 14th 2024:

Hurricane Beryl US insured loss estimated at $2.7bn by Karen Clark & Co
Hurricane Beryl is estimated to have caused insurance industry losses of $2.7 billion in the United States, losses of close to $510 million in the Caribbean, and $90 million in Mexico, according to catastrophe risk modelling specialists at Karen Clark & Co (KCC).
Members Capital emerges to (re)diversify ILS capital with Ben Fox as CIO
A new Bermuda-based asset manager has emerged named Members Capital Management Limited with well-known insurance-linked securities (ILS) industry executive Ben Fox in the Chief Investment Officer role and a mission to (re)diversify sources of reinsurance capital using digital and tokenized assets.
ILS Asia 2024 – Interest shifts to the investor side, reflecting market opportunity
It was a pleasure to welcome representatives of more than 90 organisations to our Artemis ILS Asia 2024 conference in Singapore and while the engagement of attendees from the region was as strong as ever, there has been a notable and positive shift in interest to the investor-side of the equation.
Not every risk transfer instrument designed to trigger for every storm: Jamaica MoF
While Jamaica won’t receive a payout from its catastrophe bond after hurricane Beryl was not intense enough, or a direct hit, to activate that structure’s trigger, the fact the country has a multi-layered disaster risk financing strategy means liquidity is available, the country’s Minister of Finance Dr. Nigel Clarke said.
Healthy ILS market may have more appeal than reinsurance start-ups: AM Best
The fact the insurance-linked securities (ILS) market is healthy, has resumed growth and delivered attractive returns to its investors, may now be a contributing factor in diminishing investor interest in backing balance-sheet reinsurance startups, according to AM Best.
Florida Citizens only buys $3.564bn of reinsurance for 2024, despite 7.9% drop in price
Florida’s Citizens Property Insurance Corporation, the state’s insurer of last resort, has completed its reinsurance renewals for 2024, but only purchased $3.564 billion of coverage across its traditional reinsurance and catastrophe bond arrangements, despite experiencing a softer market environment and lower pricing than a year ago.
UCITS catastrophe bond funds now make up 25% of the market
Catastrophe bond funds in the UCITS format saw their combined assets under management grow to $12.2 billion by the end of the first-half of 2024, rising 4% in the second-quarter and 11% in the first-half.
Aeolus hires Bhatia from J.P. Morgan to Business Development & IR role
Aeolus Capital Management Ltd., the reinsurance and insurance-linked securities (ILS) investment fund manager, has announced the hiring of Dia Bhatia from investment bank J.P. Morgan, who joins the firm as an Associate in its Business Development and Investor Relations team.
Several major ILS markets successfully raised capital for mid-year retro deals: Aon
With reports suggesting a more balanced and stable retrocession renewal at the mid-year, broker Aon’s Reinsurance Solutions unit has said that a number of major ILS markets successfully raised new capital to deploy into mid-year retro deals.
Aon’s latest $45.5m Randolph Re private cat bond issued out of Guernsey
Broking giant Aon has facilitated the issuance of a new $45.5 million Randolph Re (Series 2024-1) private catastrophe bond that we believe could be a renewal of its wildfire deal for Mercury Insurance, but this time it has been issued out of Guernsey using the firm’s protected cell company White Rock Insurance Company PCC Limited.

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 35 new articles published in the last week.

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