Best of Artemis, week ending November 12th 2023

Here are the ten most popular news articles, from the week ending November 12, 2023, on catastrophe bonds, ILS, reinsurance capital and topics associated with risk transfer. To make sure you don’t miss anything Subscribe to weekly Artemis newsletter updates via email or get our email alerts for every article we publish.

Ten most read articles on Artemis.bm, week ending November 12, 2023:

1. Nephila Capital ‘cleans up the past’ with help from Markel: Majors
   Nephila Capital, the insurance-linked securities (ILS) asset manager owned by Markel, has effectively cleaned up its existing reserves and eliminated trapped capital for its investors, thanks to a hedge-aided deal of adverse development (ADC) of his parent.
2. Berkshire’s real estate bet is paying off for Buffett so far in 2023
   A bet by Warren Buffett’s reinsurance business at Berkshire Hathaway to underwrite more property catastrophe risks has paid off so far in 2023, with property and casualty reinsurance profits up sharply as premiums also rose thanks to the acquisition of TransRe.
3. Insured catastrophe losses now exceed $100 billion in 2023: Bowen
   Global insurance and reinsurance market losses due to natural catastrophes have already exceeded $100 billion in 2023, making it the sixth year since 2017 that this level of natural catastrophe insured losses has been reached, according to Steve Bowen, scientific director of Gallagher Re.
4. Sidecars in favor, most offering returns above 20%: investors at Aon webinar
   Reinsurance sidecar vehicles are currently in vogue, with investors appreciating the duration certainty they offer and seeing them as an attractive way to capitalize in a challenging reinsurance market of unknown duration, while the returns are clearly improved as the majority offer returns of more than 20%.
5. Vesttoo will remain in Chapter 11, court rejects US trustee’s request to liquidate at pace
   Vesttoo, the insurtech at the center of an international investigation into reinsurance letters of credit (LOC) fraud, is set to remain in Chapter 11 bankruptcy, after the court rejected a request from the US trustee seeking to convert the case to Chapter 7 so that a liquidation can be expedited.
6. Fleming buys reinsurer James River. Could help achieve ILS loss ambitions
   Fleming Insurance Holdings, a company that develops an insurance-linked securities (ILS) offering focused on casualty risks, has agreed to acquire JRG Reinsurance Company, Ltd. (JRG Re), the liability reinsurance business of the James River Group.
7. SRS launches Altitude MGU for ART and parametric solutions
   Strategic Risk Solutions, Inc., an independent provider of insurance, reinsurance and captive management and advisory services, announced the launch of a Managing General Underwriter (MGU) named Altitude, through which it has the intends to offer a range of alternative risk transfer solutions, including parametric risk transfer.
8. State-backed reinsurance could be on Florida’s legislative agenda in 2024
   During a special legislative session of the Florida House this week, any measure particularly relevant to the property insurance market was removed from the agenda, while a measure proposing another level of reinsurance to support Florida carriers could now reappear for debate in 2024.
9. K2 Advisors Upgrades Insurance-Related Securities (ILS) to “Strongly Overweight”
   K2 Advisors, the hedge fund-focused investment management unit of Franklin Templeton, has raised its investment conviction in insurance-linked securities (ILS) and reinsurance investments to “strongly overweight” , saying it anticipates firm pricing conditions and despite some tightening of spreads in catastrophe bonds. yields remain attractive.
10. We don’t expect a big influx of new capital and new businesses: AM Best’s Carter
    AM Best does not anticipate a significant influx of new capital or startups into the global reinsurance industry, at least not enough to derail the current challenging market conditions, Greg Carter, Managing Director, Analytics, said today – EMEA and Asia Pacific.

These are not all articles published on Artemis in the last week, just the most popular among our readers over the last seven days. There were 30 new articles published last week. To ensure you always stay informed about Artemis and never miss a story Subscribe to our weekly email newsletter which is delivered every Wednesday.

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