Best of Artemis, week ending July 28th 2024

Here are the ten most popular news articles, week ending July 28th 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 28th 2024:

Credit Suisse Insurance Linked Strategies management to acquire business from UBS
UBS has announced that it has reached an agreement to sell the Credit Suisse Insurance Linked Strategies Ltd. business to its existing management team, led by Niklaus Hilti.
Twelve Capital and Securis to merge, creating founder-led ILS manager with $7.8bn
Established insurance-linked securities (ILS) investment managers Twelve Capital and Securis Investment Partners have announced their intention to merge, with the resulting ILS manager set to be a significant founder-led business with around $7.8 billion in assets under management.
CrowdStrike outage: Cyber cat bond prices stable, uncertainty palpable
Cyber catastrophe bonds have come into focus after a global IT outage caused by a CrowdStrike service update resulted in millions of computers running critical services going offline, raising questions surrounding cyber loss accumulation and aggregation risks, and highlighting some uncertainties over exactly what cyber cat bonds cover.
Parametrix estimates CrowdStrike insured losses at between $540m and $1.08bn
Parametrix, a specialist in parametric cloud downtime cyber insurance and reinsurance protection, has issued an estimate for the insurance industry loss caused by the CrowdStrike linked global IT outage, saying it anticipates insured losses falling in a range of $540 million to $1.08 billion.
Collateralized / ILS take 66% of Florida Citizens reinsurance renewal, Nephila $587m
Collateralized capital markets backed reinsurance capacity and insurance-linked securities (ILS) fund managers have taken roughly two-thirds of Florida Citizens traditional reinsurance tower at the recent renewals, with Nephila Capital remaining the largest of those markets.
CyberCube estimates insured losses from CrowdStrike event at $400m to $1.5bn
CyberCube, a specialist modelling firm for cyber risks and exposures, has estimated that insurance industry losses from the CrowdStrike linked global IT outage for the standalone cyber insurance market will be between $400 million and $1.5 billion.
Twelve Capital + Securis – It’s complementary. Overlaps add to our strength: Urs Ramseier
It’s rare to find two asset management businesses that you can combine and not face friction, or loss of clients, but in the case of the merger of reinsurance and insurance-linked securities (ILS) investment managers Twelve Capital and Securis Investment Partners, the overlaps only add to the strength of the new entity, according to Urs Ramseier.
CrowdStrike tests cyber cat bonds & reinsurance, demonstrates importance: Aon’s Egan
The CrowdStrike IT outage incident shows the need for a more granular understanding of coverage under cyber reinsurance portfolios and catastrophe bonds, but also demonstrates the importance of continued development of these instruments, as they provide critical coverage to the cyber insurance market.
US homeowners insurance underwriting loss in 2023 was worst this century
When the rising cost of property and catastrophe reinsurance in the United States gets called out as affecting the affordability of insurance, commentators would do well to remember just how poorly US homeowners property insurance underwriters have performed.
Munich Re backs parametric wind hedge using kWh Analytics structure
Munich Re has provided the capacity to support a parametric wind proxy hedge risk transfer product structured using a solution from kWh Analytics, for a 59MW, 14-turbine wind project in Maine, developed by a Greenbacker Capital Management affiliated investment vehicle.

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 32 new articles published in the last week.

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