Best of Artemis, week ending May 5th 2024 – Artemis.bm

Here are the ten most popular news articles, week ending May 5th 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 5th 2024:

1. Cat bonds & ILS perhaps best diversifying hedge fund strategy of Q1 2024
   The global hedge fund industry had a strong first-quarter to 2024, adding significant assets under management and delivering strong returns across many strategies. But, when it comes to investment strategies that can be truly diversifying, versus broader economic and capital market trends, catastrophe bonds and ILS were perhaps the best.
2. Clear Blue updates Aon complaint, claims broker solicited Vesttoo engagement
   Clear Blue Insurance has amended its complaint against Aon, in the New York court lawsuit related to the reinsurance letter of credit (LOC) fraud perpetrated by insurtech Vesttoo, with the language strengthened and Aon now accused of soliciting the fronting specialist’s involvement in a scheme it says was structured and masterminded by the broker.
3. Gallatin Point seeks $150m Marlon Florida wind cat bond to protect investment portfolio
   An interesting new catastrophe bond transaction has come to light, as we’ve learned private investment firm Gallatin Point Capital LLC is to become the beneficiary of a cat bond to transfer some Florida hurricane risk from its investment portfolio, with a $150 million target for the Marlon Ltd. (Series 2024-1) issuance.
4. PCS designates Change Healthcare & MOVEit as cyber catastrophe loss events
   Property Claim Services (PCS), the provider of industry loss estimates and loss data globally and a unit of Verisk, has designated two cyber attacks as PCS Cyber Catastrophe Loss Events, meaning they are each expected to result in more than US $250 million of industry insured losses, Artemis has learned.
5. Plover Parametrics launches brokerage with Beeg hire, raises $5m to expand team
   Plover Parametrics has launched as a specialty brokerage focused on leveraging advanced technology to build out new parametric insurance products and has announced the hiring of former Descartes employee Brendan Beeg and a successful raise of $5 million in venture funding to support the growth of the business.
6. Allstate lifts Nationwide cat reinsurance tower by $1bn to $7.9bn, helped by cat bonds
   Allstate has significantly lifted the top of its Nationwide excess catastrophe reinsurance tower to just over $7.9 billion, which is almost a $1 billion increase from the prior year and catastrophe bonds are filling out much of the upper-layers.
7. Arbol raises $60m to scale parametrics, make climate risk an investable asset class
   Arbol, a technology-led underwriter of parametric risk transfer, climate and weather insurance or reinsurance business, has raised a $60 million Series B round, as it looks to scale parametric insurance in response to what it sees as increasing climate related risks, while also helping to make that risk into an investable asset class.
8. RenaissanceRe raised $566m third-party capital, fee income rose 87% in Q1
   RenaissanceRe, the Bermuda based reinsurance and third-party capital management specialist, raised almost $566 million of third-party capital in the first-quarter of 2024, to further expand its range of ILS funds and reinsurance joint-venture vehicles, while the fee income earned by this business soared 87% in the quarter.
9. Arch gets third-party capital catastrophe book commissions after profitable 2023
   Arch Capital has recognised higher contingent commissions thanks to the performance of property catastrophe reinsurance business written for third-party capital providers, according to the firm’s CFO Francois Morin.
10. At $2.1bn, cat bonds will be TWIA’s biggest source of funding for 2024
    For 2024, the funding tower of residual market insurer the Texas Windstorm Insurance Association (TWIA) will see catastrophe bonds as its largest component, providing 32% of the funding limit needed to meet the statutory 1-in-100 year probable maximum loss for the coming hurricane season.

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 36 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.

View the current breakdown of the ILS market in our range of charts, allowing you to analyse cat bond issuance.

Check out the assets under management of the ILS fund market with our ILS investment manager directory.

Get listed in our MarketView directory of professionals.