Best of Artemis, week ending April 27th 2025

Here are the ten most popular news articles, week ending April 27th 2025, 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.

Ten most read articles on Artemis.bm, week ending April 27th 2025:

1. Allstate expects $123m reinsurance recovery from its aggregate cat bonds
   Allstate has disclosed that a heavy March catastrophe loss burden means it now anticipates making $123 million of reinsurance recoveries from its aggregate tower, whose coverage is solely provided by catastrophe bonds from the Sanders Re program.
2. No indication reinsurance market trending back to pre-2023 levels: RenRe CEO
   Speaking during his firm’s first-quarter earnings call, RenaissanceRe CEO Kevin O’Donnell explained that there is no indication the reinsurance market is trending back to pre-2023 levels, in rates and terms, while he now feels net new demand for property cat limit could be greater than $10 billion at the mid-year renewals.
3. Zenkyoren’s new catastrophe bond the first ever to use ADB note as collateral asset
   The recent $100 million Nakama Re Pte. Ltd. (Series 2025-1) catastrophe bond sponsored by Zenkyoren, the Japanese National Mutual Insurance Federation of Agricultural Cooperatives, was the first ever cat bond issuance to utilise bonds issued by the Asian Development Bank (ADB) as collateral assets.
4. Liongate Re cat bond to cover Japan quake for Zenkyoren & German parametric quake
   A new Liongate Re DAC catastrophe bond is in the market with a target to secure $100 million of limit to provide Japanese mutual Zenkyoren with aggregate earthquake reinsurance, while also providing a source of German parametric quake cover as well which we believe may protect entities of the Sparkassen-Finanzgruppe.
5. Pre-wind season spreads from early cat bond issuances attract investors
   With a growing number of catastrophe bond sponsors opting to bring deals to market earlier in the year, the increasing availability of pre-wind season and off-risk investment opportunities, that pay a partial or full risk premium spread right from settlement, are proving attractive to cat bond investors we’ve spoken with.
6. The level of cat bond and parametric work we’re doing is exceptional: Aon CEO
   Having reported another quarter of double-digit revenue growth for its catastrophe bond and insurance-linked securities (ILS) related activities, Greg Case the CEO of broking giant Aon also highlighted parametric risk transfer as another area he sees activity levels as exceptional in.
7. Reinsurance returns still strong, growth a rational view: J.P. Morgan
   Returns in the reinsurance market are still strong despite softening at recent renewals and this is driving some reinsurers to seek out growth while the opportunity remains, which analysts at J.P. Morgan call a rational view.
8. Q1’25 insured losses hit $56bn, driven by LA wildfires: Gallagher Re
   Gallagher Re has estimated that preliminary total insured catastrophe losses for the first quarter of 2025 reached $56 billion, which makes it the costliest first quarter for the private insurance market and government-sponsored insurance entities since 2011, and 176% higher than the Q1 decadal average of $20 billion (2015–2024).
9. Peak Re secures second Black Kite Re catastrophe bond at targeted $50m size
   Peak Re has now successfully priced its second catastrophe bond with the Black Kite Re Limited (Series 2025-1) issuance set to provide the targeted $50 million of retrocession across Japanese typhoon and earthquake risks on an industry-loss basis, as well as China and India earthquakes using a parametric trigger.
10. Catastrophe bond issuance already on-track to surpass record for first five months
    Even with a few days to run of the fourth month of the year, catastrophe bond market issuance in 2025 is already on-track to set a new record for issuance through May, as the pipeline of new cat bond deals continues to build.

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 25 new articles published in the last week.

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