Catch up on our top stories of the last week
Best of Artemis, week ending June 30th 2024 | | | Register asap if you want to attend ILS Asia 2024 in Singapore! - Puerto Rico gets $282m parametric cover. Says cat bond "opened door" to capital market
The Government of Puerto Rico's Autoridad de Asesoría Financiera y Agencia Fiscal (Fiscal Agency and Financial Advisory Authority) has secured $282 million of parametric disaster insurance cover, with the recent $85 million catastrophe bond seen as a key component that opens the door to the capital markets. - Cat bond & ILS fund managers watch hurricane Beryl forecasts
The ILS market was early to identify concerns over the potential future track of what is now hurricane Beryl. Artemis has tracked the storm as it developed this weekend and will continue to update you. - The first time AM Best has ever been positive on the reinsurance sector
Just over a fortnight ago, we saw another strong signal of the profit potential of the global reinsurance marketplace, as rating agency AM Best shifted its outlook on the sector to positive for what we now know to be the first time ever. - Dearth of reinsurance startups to persist, its different this time: Shea, Gallagher Re
The hard market in reinsurance is different this time around, with no evident lack of capital or capacity and this is just one factor that has meant we aren't seeing a wave of new reinsurance startups, something broker Gallagher Re's Brian Shea says is likely to persist, except perhaps in the casualty space. - SCOR hires ILS structurer Nguyen from Goldman Sachs as VP Third Party Capital
SCOR continues to build out its risk partnership and third-party capital capabilities, with the latest hire to come to light being Tony Nguyen, an experienced insurance-linked securities (ILS) structuring and investment banking executive who joins the reinsurer from Goldman Sachs. - Parametric specialist Descartes re-orgs top team to accelerate growth
Descartes Underwriting, the parametric insurance and data-driven risk transfer specialist managing general agency (MGA) and insurer, has announced a re-organisation of some of its top executive team, as it sets out a platform for accelerated growth. - ILS service provider Apex Group gets $1.1bn+ funding from Carlyle & Goldman Sachs
Apex Group, a large independent financial services provider that also works in the insurance-linked securities (ILS) space, has secured a significant financing backed by Carlyle and Goldman Sachs, with over $1.1 billion committed. - World Bank has now facilitated over US $4.8bn in catastrophe bonds
The World Bank has now facilitated and issued over US $4.8 billion in catastrophe bonds across 17 transactions we have covered over the years, with $745 million issued over the course of just a few weeks in 2024 to support Mexico and Jamaica's disaster risk transfer and financing needs. - Gallagher urges court to dismiss Porch lawsuit over Vesttoo reinsurance transaction
Gallagher has filed a motion to dismiss the Vesttoo transaction related lawsuit brought against its reinsurance arm Gallagher Re by Porch Group, the owner of insurer Homeowners of America Insurance Company (HOA), saying that "the claim falls well short of the plausibility threshold." - Climate-related nat cat premiums to grow 50% by 2030: Howden & BCG
"Insurance is the financial bedrock needed to de-risk investments and attract the additional capital necessary to mobilise the climate transition," Rowan Douglas of Howden said today. To meet this goal, with exposure growing fast, there will be a significant need for more insurance capacity, with a role for the insurance-linked securities (ILS) market. | Featured Conferences & Events | 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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