Artemis Live - Insurance-linked securities (ILS), catastrophe bonds (cat bonds), reinsurance
Artemis.bm
Artemis Live - Discussions with leaders in the catastrophe bond (cat bond), insurance-linked securities (ILS), reinsurance, insurance risk transfer and investments space, as well as updates on the cat bond and ILS industry, explainers and how-to's.
Artemis.bm was formally launched in early 1999. Its founders held a belief that the capital markets was the deepest, most liquid and efficient source of risk and reinsurance capital available to facilitate the transfer of disaster and other exposures to investors, and that capital market structures such as cat bonds would be the most effective tools for the structuring and transfer of peak catastrophe risks.
Today, Artemis is the longest running news, analysis and data media service devoted to the alternative risk transfer, catastrophe bond & insurance linked security (ILS), non-traditional reinsurance, insurance linked investments and associated risk transfer markets, with more than 60,000 readers every single month.
With a wealth of news, cat bond data, analysis and market information, Artemis.bm is the best place to source information related to cat bonds, insurance linked securities and collateralised reinsurance capacity and investing.
Artemis.bm was formally launched in early 1999. Its founders held a belief that the capital markets was the deepest, most liquid and efficient source of risk and reinsurance capital available to facilitate the transfer of disaster and other exposures to investors, and that capital market structures such as cat bonds would be the most effective tools for the structuring and transfer of peak catastrophe risks.
Today, Artemis is the longest running news, analysis and data media service devoted to the alternative risk transfer, catastrophe bond & insurance linked security (ILS), non-traditional reinsurance, insurance linked investments and associated risk transfer markets, with more than 60,000 readers every single month.
With a wealth of news, cat bond data, analysis and market information, Artemis.bm is the best place to source information related to cat bonds, insurance linked securities and collateralised reinsurance capacity and investing.
Episodes
Mentioned books
May 22, 2020 • 21min
8: Luca Albertini, Leadenhall Capital Partners, May 2020 - on ILS, cat bonds, reinsurance and Covid-19
Luca Albertini, CEO of London headquartered insurance-linked securities (ILS) and reinsurance related investments manger Leadenhall Capital Partners LLP, joined us for a discussion about the state of ILS and reinsurance under Covid-19 pandemic conditions.
Albertini noted the ability of the insurance-linked securities (ILS) and catastrophe bond market to bounce back from the initial effects of broader financial market volatility due to the pandemic.
He went on to discuss the market opportunity to provide more pandemic insurance and reinsurance coverage, as well as the role of ILS funds and ILS investors in delivering on that.
"Something can be structured which affirmatively protects against pandemic for the commercial insurers. If we find that the demand is actually too big, then yes there is a role for public-private partnerships where you could have some backstop from the various governments," Albertini said.
Further explaining that, "Then, like we've seen for flood or terrorism, you could have the cat bond market, or the ILS market, providing some capacity to the governments."
May 18, 2020 • 29min
7: Stephan Ruoff, Schroder Secquaero, May 2020 - on ILS, cat bonds & Covid-19 reinsurance market trends
Our latest interview saw us joined by Stephan Ruoff the Deputy Head of insurance-linked securities (ILS) asset manager Schroder Secquaero, a specialist division of global investment group Schroders.
During our discussion, Stephan explained that it seemed to take the reinsurance and ILS industry longer than expected to begin to understand the exposure it faces from the pandemic, as it is unprecedented in global reach compared to prior experience.
"Now what we see is a real, real test for the industry," he explained.
On the question of the liquidity seen in the catastrophe bond market on the back of pandemic driven financial market volatility and whether Schroder Secquaero found specific opportunities there, he explained, "Secondary market trading has indeed offered good opportunities. "We have, usually, a good liquidity position that helped us to trade in a number of instances and helped us also to enhance the portfolios that we run for our investors."
However, he went on to say that this window of opportunity was not particularly long.
So ILS fund managers and catastrophe bond investors had to be ready to take advantage of it, which Schroder Secquaero certainly seemed to be.
May 14, 2020 • 16min
6: The Florida reinsurance renewals through the lens of the ILS market
In this episode we thought it would be interesting to discuss Florida market reinsurance renewal conditions, through the lens of our vantage point as analysts of the insurance-linked securities (ILS) and catastrophe bond market.
The Florida focused June 1st 2020 reinsurance renewal is fast approaching and using the ILS and cat bond market as a benchmark, it's clear that pricing and renewal rates are rising, in some quarters significantly.
We run through some of the reasons for this, looking back at market conditions across recent year's, as well as how transactions in the insurance-linked securities (ILS) market (specifically catastrophe bonds) provide a sign of the direction and rate of increase being seen in Florida reinsurance rates.
May 11, 2020 • 25min
5: David Flandro, Hyperion X, April 2020 - on insurance & reinsurance impacts of the Covid-19 pandemic
David Flandro of Hyperion X, the data and analytics focused unit of the Hyperion Insurance Group, joined us for a discussion on the insurance and reinsurance market impacts of the Covid-19 coronavirus pandemic.
David told us that, "There seems to be pretty healthy investment appetite for alternative capital products, even products that are non-cyclical rather than non-correlative."
He explained that investors continue to look at reinsurance and ILS as a fairly small proportion of overall pension fund, sovereign wealth fund and other investor assets.
"I don't think this has diminished appetite for ILS very much at all," he said of the pandemic.
"We are getting new investors who are looking for non-correlative assets that are relatively high-yielding, in sectors where rates are going up... and that is what we've been seeing in the reinsurance market."
May 5, 2020 • 24min
4: Paul Schultz, Aon Securities, April 2020 - talking catastrophe bonds, ILS & the Covid-19 pandemic
We were delighted to speak with Paul Schultz, CEO of Aon Securities, the specialist capital markets and insurance-linked securities (ILS) focused division of insurance and reinsurance broker Aon.
Paul discussed the state of the catastrophe bond market, broader cat bond and insurance-linked securities (ILS) market trends, as well as the impacts of the Covid-19 coronavirus pandemic across insurance, reinsurance and risk transfer markets.
He explained that the cat bond and ILS industry has previously shown resilience in time of crisis and this time is no different.
“Both from a cedent perspective and from an investor perspective, I think everyone is being constructive in a period of great dislocation and uncertainty,” Schultz explained.
He highlighted the fact that even in this time of dislocation, the primary and secondary catastrophe bond markets have continued to function in an orderly manner that is supportive of the motivations of cat bond sponsors as well as ILS funds and investors.
Apr 30, 2020 • 15min
3: Catastrophe bond & ILS market Q1 2020
We review the catastrophe bond and insurance-linked securities (ILS) market at the end of the first-quarter of 2020, looking at new cat bond risk capital issued and the composition of transactions completed during the quarter.
For the first time in any first-quarter and a rarity in any period, catastrophe bond and ILS new issuance exceeded $5 billion in Q1 2020.
Also impressive, is the fact almost $3.9 billion of the new risk capital brought to market focused on catastrophe risk issuance.
Catastrophe bonds remain a very important source of reinsurance coverage for protection buyers and an attractive alternative investment opportunity for investors.
Apr 28, 2020 • 20min
2: Frank Majors, Nephila Capital, discussing insurance-linked securities, reinsurance and the coronavirus pandemic
We spoke with Frank Majors, co-CEO and President of Nephila Holdings, and a Director of Nephila Capital, to discuss the ongoing coronavirus pandemic plus his views on how this will impact insurance-linked securities (ILS), reinsurance and risk transfer in general.
Frank Majors of Nephila provided us with unique insights into how the largest insurance-linked securities (ILS) fund manager Nephila Capital sees the state of the ILS and reinsurance market, as well as its prospects at this time, plus how it has been affected by the uncertainty driven by the pandemic.
Please note: The audio tracks go slightly out of sync in this recording. We hope this doesn't impact your enjoyment of it.
Apr 25, 2020 • 20min
1: Tom Johansmeyer, PCS (Verisk), talking silent pandemic risk, reinsurance and insurance-linked securities (ILS)
We spoke with Tom Johansmeyer, Head of PCS (a Verisk unit), to explore a number of issues related to the global coronavirus pandemic. Johansmeyer explained the concept of silent pandemic risk and the threat it can pose to insurance and reinsurance portfolios, as well as the important role of hedging, including ILW's and the potential ramifications of Covid-19 for the ILS and reinsurance community.
