Best of Artemis, week ending December 29th 2024

Here are the ten most popular news articles, week ending December 29th 2024, covering catastrophe bonds, ILS, reinsurance capital and related risk transfer topics. To ensure you never miss a thing subscribe to the weekly Artemis email newsletter updates or get our email alerts for every article we publish.

1. Taiping Re to sponsor Silk Road Re catastrophe bond out of Hong Kong
   Taiping Reinsurance Company (Taiping Re), a Hong Kong based reinsurer that is part of the state-backed China Taiping Insurance Group, is in the process of sponsoring its first catastrophe bond, with a Silk Road Re Limited transaction set to be issued out of Hong Kong.
2. Cat bond issuance breaks all records in 2024. Market grows 10% to $49.44bn
   Catastrophe bond market records are falling in 2024 and set to be beaten on most fronts, with overall issuance recorded in the Artemis Deal Directory reaching a new high of almost $17.7 billion for the year, including a record $17.24 billion of Rule 144A cat bonds, driving a new end-of-year outstanding market record and cat bond market growth of 10%.
3. Pagnani & Manghnani launch ILS manager King Ridge. Will portfolio manage first cat bond ETF
   King Ridge Capital Advisors LLC has been launched as a new insurance-linked securities (ILS) investment manager by sector specialists Rick Pagnani and Vijay Manghnani, Artemis understands. We’ve learned that the new company has already reached a sub-advisory agreement to take on portfolio management duties for the awaited first catastrophe bond ETF.
4. Sustained strong catastrophe reinsurance profits ahead, if terms/attachments stick: KBW
   Analysts at Keefe, Bruyette & Woods (KBW) are the second group to say that the returns generated from catastrophe reinsurance risk underwriting and capital allocation can remain strong, just so long as the industry remains disciplined on attachments, terms and conditions.
5. Silk Road Re cat bond gives Taiping Re $35m of 3-year China quake / US wind retro
   We’ve learned a few more details about the new Silk Road Re Limited catastrophe bond transaction that is set to be issued out of Hong Kong, with the notes set to provide sponsor Taiping Reinsurance Company (Taiping Re) with a US $35 million source of three years of retrocessional protection.
6. ILS market M&A consolidation can help attract more institutional capital: Stonybrook
   The insurance-linked securities (ILS) market should become more streamlined and professionalised if mergers and acquisitions (M&A) consolidate players, which Stonybrook Capital believes can help in attracting more institutional capital to the sector.
7. QBE gets $250m Bridge Street Re cat bond priced 14% below initial mid-point
   QBE, the Australia headquartered global insurance and reinsurance group, has now secured its targeted $250 million of retrocessional protection from its first catastrophe bond sponsorship since 2013, as the Bridge Street Re Ltd. (Series 2025-1) issuance has now been priced roughly 14% below the mid-point of initial guidance.
8. Galapagos Capital pre-authorised for structure to issue ILS in Brazil
   Galapagos Capital, a global investment company headquartered in Brazil that offers a range of investment management, banking and financial services, has received pre-authorisation from the insurance regulator SUSEP to establish an issuer of Letra de Risco de Seguro (Insurance Risk Letters), which are Brazil’s own type of insurance-linked securities (ILS).
9. Bermuda market increased ILW, quota share, retrocession use in 2023
   According to new survey data collected by the Bermuda Monetary Authority (BMA), Bermuda-based insurance and reinsurance companies made increased use of industry-loss warranties (ILW’s), quota share arrangements and retrocession in 2023.
10. Martin Reith to work with Acrisure’s Ben Canagaretna on third-party capital initiatives
    Acrisure has appointed Martin Reith as Executive Chairman of Volante, a Lloyd’s business with managing general agent (MGA) operations, which will see him also advise Ben Canagaretna, Managing Director of Acrisure Re Corporate Advisory and Solutions (ARCAS), as well as review and provide advice on Acrisure’s interest in accessing third-party capital.

This is not every article published on Artemis during the last week, just the most popular among our readers over the last seven days. There were 11 new articles published in the last week.

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