Here's our latest Friday wrap-up of key news from the week.
Activity in the catastrophe bond market continued apace this week, with new deals added to our Deal Directory from the North Carolina NCIUA, Florida-headquartered insurer Heritage, Italian insurance firm UnipolSai, and high net worth specialist PURE.
At the same time, other deals are progressing to market or have been priced, such as: Arch finalising its Ramble Re cat bond, FEMA pricing its latest FloodSmart Re, and American Integrity pricing its Integrity Re deal.
In other news, we covered Larry Swedroe's comments that investors may not have realised that reinsurance has a self-healing mechanism, in being able to update pricing and terms after losses.
We reported on the progress being made in Florida, where carriers are showing more appetite thanks to an improved claims environment after the legislative reforms.
In the Vesttoo bankruptcy saga, the court finally approved the plan for its liquidation, but as we reported the focus now turns to Bermuda where a court order will be sought in relation to settlements that touch on segregated accounts.
Reinsurance giant Munich Re said it expects the renewals through 2024 will continue to be positive, but it also warned on the need for price adequacy.
Markel's CEO said that the firm's thesis for its acquisition of ILS manager Nephila Capital is now starting to be confirmed after a strong 2023.
RenaissanceRe's third-party capital AUM is almost at $7bn, while it also raised funds for a new Upsilon managed account for 2024.
A new investment firm has entered the ILS space, as Altimapa Capital said it plans to offer managed accounts and in future ILS funds.
An ongoing disaster in Texas caused by the largest wildfire burn in history is said likely to deliver hundreds of millions in losses, but with this event ongoing and weather conditions conducive to continued fires, it's too early for any estimates of the impact at this stage.
Finally, if you haven't seen them, Artemis has a wealth of data and analytics on the catastrophe bond and broader ILS market. View our charts and Deal Directory.
Catch up on our video interviews with ILS market leaders here.
If you prefer to listen, subscribe to our podcast series for audio interviews & additional special episodes.
We'll be back next week with more regular coverage.
We hope you have a safe & relaxing weekend.
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