Catch up on our top stories of the last week
Best of Artemis, week ending March 31st 2024 | | | - Baltimore bridge collapse could add to challenges in reinsurance availability: AM Best
The reinsurance market is expected to bear the brunt of losses from the collapse of the Francis Scott Key Bridge in the US city of Baltimore after container ship Dali struck one of its support columns, which rating agency AM Best said will add to the increasing challenges of reinsurance availability. - Aon: Dramatic property cat shift at renewals. ILS capital at new $108bn high
Broking giant Aon has noted a buyers market for property catastrophe reinsurance at the April renewals, with flat to slightly down pricing and an environment where there has been a "dramatic shift" towards ample capacity, within which ILS market growth is a key factor. - 75% chance of a hyperactive hurricane season in 2024: WeatherTiger
An increasing number of forecasters and meteorologists say to expect a very busy 2024 Atlantic hurricane season, with conditions looking primed for high levels of tropical cyclone activity and WeatherTiger's models indicate a 75% chance the hurricane season will count as hyperactive, while its model also suggests elevated landfall risk for the United States. - Bermuda Supreme Court sanctions Vesttoo settlement agreements and plan
After a hearing held in the Supreme Court of Bermuda, an order has been filed that sanctions the settlement agreements that had been proposed under the Vesttoo Chapter 11 bankruptcy and approval was given for the joint provisional liquidators (JPL's) to Aon's White Rock to remove their objections to the plan. - Baltimore bridge collapse insured losses estimated up to $4bn
The insurance industry loss from the collapse of the Francis Scott Key Bridge in the US city of Baltimore after container ship Dali struck one of its support columns is estimated to be above the $1.5 billion of the Costa Concordia disaster, with as much as $4 billion in industry losses anticipated. - Swiss Re likely to make ~$151m recovery from mortality cat bonds
According to Artemis' sources, Swiss Re now looks likely to make just under $151 million in reinsurance recoveries from its mortality catastrophe bonds, with a 100% recovery anticipated for the $120 million Vita Capital VI deal and a recovery already thought made under the Matterhorn Re mortality cat bond notes. - Berenberg adds catastrophe bonds to OTC fixed income offering
Berenberg, the private banking, investment banking, asset and wealth management specialist, will offer catastrophe bond trading over-the-counter (OTC) within its fixed income division, responding to what it sees as growing client demand for access to cat bond investments. - Guy Carpenter hires Bermuda market exec Ben Savill as CEO of Pacific
Guy Carpenter has announced the hiring of well-known Bermuda market senior underwriting leader Ben Savill as its new CEO of Pacific. - AmRisc raises $325m of capacity for Trouvaille Re sidecar with Stone Point support
AmRisc, LLC, a coastal commercial property insurance specialist subsidiary of Truist Insurance Holdings, has raised $325 million of capacity for a collateralized reinsurance sidecar named Trouvaille Re Ltd., with alternative investment firm Stone Point in support. - Insured losses could double within next ten years: Swiss Re sigma
According to global reinsurance firm Swiss Re, the occurrence of medium-severity insured loss events has risen by 7.5% since 1994, at almost double the 3.9% increase in catastrophes generally, and the company warns that insured losses could double within the next ten years. | Featured Conferences & Events | Artemis ILS Asia 2024 - Tickets will be on sale soon: July 11th, 2024 Our annual ILS conference in Singapore will return on July 11th in 2024. Tickets will be available soon, save the date! | Reinsurance News is a our sister service which delivers the reinsurance news that matters directly through our responsive website and by email to your inbox. This single daily email contains the most important reinsurance news, hand selected by an experienced team of researchers and journalists with years of reinsurance industry experience. | Stay in touch with Artemis | | | | |
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