Best of Artemis, week ending May 19th 2024

Here are the ten most popular news articles, week ending May 19th 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 May 19th 2024:

Porch sues Gallagher over brokers’ role in Vesttoo reinsurance transactions
Porch Group, the owner of insurer Homeowners of America Insurance Company (HOA) which was impacted by the Vesttoo reinsurance letter of credit (LOC) collateral fraud, has now taken the step of suing broker Gallagher Re, claiming it “grossly mismanaged” the administration of the reinsurance.
Spread widening breaks longest ever run of UCITS cat bond fund gains
As spread widening in the catastrophe bond market accelerated in recent weeks, the Plenum CAT Bond UCITS Fund Indices recorded their first negative week since back in December 2022, ending a 73 week long-run of positive average returns across the tracked cat bond funds.
Florida Citizens secures $1.1bn of reinsurance with new Everglades Re cat bond
Citizens Property Insurance Corporation, the property insurer of last resort for the state of Florida, has now finalised its new catastrophe bond, in the end securing $1.1 billion of reinsurance from the Everglades Re II Ltd. (Series 2024-1) deal, so the size fell slightly short of its upper-target.
Cat bond market suffers one of its biggest non-loss event weekly declines: Icosa
The catastrophe bond market recently suffered one of its most significant weekly declines outside of the US hurricane season, with industry-index trigger cat bonds leading the way and almost all pricing down, Florian Steiger, CEO of Icosa Investments has said.
Monetary Authority of Singapore (MAS) to deliver keynote at ILS Asia 2024
With our ILS Asia 2024 conference in Singapore being held in less than two months, on July 11th, we are now delighted to announce that the Monetary Authority of Singapore (MAS), the central bank and financial regulatory authority, will join us again to start the day.
144A catastrophe bond issuance will set new H1 record, already tracking to $11.4bn+
The market for 144A catastrophe bonds is on-track to set a stunning new issuance record for the first-half of the year, with more than $11.4 billion of new cat bonds already lined up to be issued during H1 2024, data from Artemis’ Deal Directory shows.
Beazley sponsors further $160m cyber cat bond via PoleStar Re, takes total to $300m
Beazley has successfully sponsored a second 144A cyber catastrophe bond, securing a further $160 million in cyber reinsurance from a PoleStar Re Ltd. (Series 2024-2) issuance, which takes its total cyber cat bond cover to $300 million.
RenaissanceRe third-party capital AUM now $7.17bn. Medici cat bond fund passes $2bn
Third-party investor capital under management in reinsurance joint-ventures and insurance-linked securities (ILS) funds managed by RenaissanceRe’s Capital Partners division has now eclipsed the $7 billion mark, to reach $7.17 billion at the end of the first-quarter, while the managers cat bond fund surpassed $2 billion for the first time.
SafePoint seeks $75m Nature Coast Re 2024 cat bond. Acrisure appears for first time
SafePoint Insurance Company is back in the catastrophe bond market seeking $75 million or more in reinsurance from a Nature Coast Re Ltd. (Series 2024-1)  cat bond issuance, that is designed to provide broader coverage across more coastal US states and this is the first cat bond we’ve ever seen the Acrisure Re name appear as a service provider.
Mexico “setting the standard” with use of World Bank catastrophe bonds
With the successful issuance of the $175 million IBRD CAR Mexico 2024 (Pacific) named storm catastrophe bond Mexico now has $110 million more in disaster risk financing to support its resilience, Héctor Santana Suárez of the Ministry of Finance of México has said.

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 34 new articles published in the last week.

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