Insurance
Best of Artemis, week ending November 5th 2023
Here are the ten most popular news articles, from the week ending November 5, 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 5, 2023:
- Markel admits $25 million in fraudulent Vesttoo letter of credit (LOC)
Markel reported recognizing a $25 million credit loss on a fraudulent $50 million letter of credit (LOC) for reinsurance provided by insurance company Vesttoo, and suggested it was possible that more information is obtained with a second LDC also deemed fraudulent. - London Innovation Underwriters seeks £300m for Lloyd’s London Bridge 2 strategy
London Innovation Underwriters, the entity created by listed special purpose acquisition company Financials Acquisition Corp, which was launched in 2022 by industry executives William Allen and Andrew Rear, has lowered its capital raising target to 300 million pounds sterling, to finance its strategy of accessing Lloyd’s underwriting returns via the London Bridge 2 structure. - Hurricane Otis Will Cause Billions of Dollar Losses in Insurance Market, Gallagher Re Says
Gallagher Re said Hurricane Otis would be one of the costliest natural disasters in Mexican history, with an expected loss of billions of dollars in the insurance market due to the devastating effects of the storm . - Aon works to help customers replace capital lost after Vesttoo fraud: Andersen
Brokerage giant Aon continues to work with clients to help the industry replace capital lost as a result of letter of credit (LOC) fraud at insurer Vesttoo, Eric Andersen, president of Aon plc. - RenaissanceRe Completes Acquisition of Validus Re and AlphaCat from AIG
RenaissanceRe, the Bermuda-based third-party reinsurance and capital management specialist, has now completed the acquisition of the Validus reinsurance business from AIG, including the linked securities unit. insurance (ILS) AlphaCat. - TWIA to buy more reinsurance limit in 2024 as its exposure increases
The Texas Windstorm Insurance Association (TWIA) plans to purchase more reinsurance and risk transfer in 2024, as the nonprofit wind and hail insurer of last resort for the state forecasts a significant increase in exposure, alongside a tough and ongoing reinsurance market. - Catastrophic capacity could be near a positive inflection point: AM Best
Ratings agency AM Best has noted signs of a growing appetite for property catastrophe reinsurance, saying the ability to service this part of the market could be near a “positive inflection point”. - Olympus Updates Florida Coastal Underwriting Rules to Align with Reinsurance
Olympus Insurance Company, a specialist Florida underwriter for homeowners, has adopted new rules for properties underwritten on the state’s coast, in an effort to more closely align its hospitality operations with the reinsurance models in use. - Twelve Capital makes the case for re/insurance as stock-bond correlation shifts
As inflationary uncertainty persists and the negative correlation between stocks and bonds of the past two decades continues to shift, investor attention has once again turned to the fact that traditional diversification across asset classes doesn’t work as well, according to Twelve Capital. - Nephila ILS revenues increase following the publication of Side Pocket and bonuses increase
In the latest record quarter, Nephila Capital released pocketed capital, leading to an increase in insurance-linked securities (ILS) revenue reported by parent company Markel, while premiums ceded to Nephila’s reinsurers are increasing, even if assets under management have decreased. further away.
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 42 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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