Artemis Live - Insurance-linked securities (ILS), catastrophe bonds (cat bonds), reinsurance

This panel discussion took place at the Artemis ILS Asia 2023 conference in Singapore on July 13th. This was the final session of the day and saw three experienced insurance-linked securities (ILS) investment managers take to the stage, moderated by Steve Evans, Artemis' Owner and Editor. The panellists taking part were: John DeCaro, Founding Principal, Elementum Advisors, LLC; Peter DiFiore, Managing Director, Neuberger Berman; and Stephan Ruoff, Head of ILS, Schroders Capital. The panel session discussed the current state of the catastrophe bond and ILS market from the vantage point of experienced asset managers focused on this marketplace. The group explored what the current attractions are for investors to look at the ILS asset class, particularly those in the Asia Pacific region. In addition, a discussion was had as to how further institutionalisation of the ILS asset class could help it to deliver on its growth potential. Pricing in catastrophe bonds was also discussed, with panellists opining on the softening of prices that has been seen through recent weeks. Overall, investor appetite for ILS is viewed as increasing, but with the market still needing to prove out the improvements to the product and underwriting or structural changes that have been made, as well as to deliver the reinsurance-linked returns investors are expecting. Listen to this full episode to learn more about the state of the cat bond and ILS market from the viewpoint of experienced ILS asset management experts.

Scott McHardy, Head of Risk Finance at Toka Tū Ake EQC, joins Esther Kim from Swiss Re and Michael Bennett of the World Bank Treasury to discuss the growing importance of catastrophe bonds in public sector risk transfer. They highlight innovative initiatives like C-Drift and Pac-Drift, and the need for effective solutions to close the protection gap for vulnerable nations. The panel also explores the complexities of insurance in light of natural disasters and the potential for significant growth in the Asia-Pacific ILS market.

This keynote speech took place at the Artemis ILS Asia 2023 conference in Singapore on July 13th. This session featured Yusuke Kikuchi, Managing Director at Aon Securities (Japan), the catastrophe bond, insurance-linked securities (ILS) and capital markets division of the global insurance and reinsurance broker. Kikuchi discussed the rapid economic growth potential of the Asia Pacific region, going on to highlight the magnitude of catastrophe losses that occur there and the resultant and still growing insurance protection gap. He went on to run through a timeline of catastrophe bond issuance in the region, highlighting key transactions and sponsors, as well as the handful of reinsurance sidecar deals that have been completed in APAC. Importantly, he noted the convergence of pricing between traditional reinsurance and ILS rates, which is helping to make the cat bond and ILS product range more appealing to sponsors. Going on to explain that there is still outsized demand from ILS investors for access to APAC risks, which means any Asia Pacific focused cat bonds and ILS would likely be well-received, while also saying that demand for ILS investments from allocators in Asia Pacific also remains high and further flows to the asset class from the region should be expected. Listen to the full podcast episode to learn more about catastrophe bond and ILS market activity in Asia Pacific and the opportunity to grow the cat bond market in the region.

This panel discussion took place at the Artemis ILS Asia 2023 conference in Singapore on July 13th.  This session was moderated by Steve Tunstall, Director, PARIMA.org. The panellists taking part were: Kelvin Wu, Head of Insurance, Weybourne Holdings; Mansi Kalra, Managing Director, JBA Risk Management Pte Ltd; Franck Baron, Chief Risk Officer, International SOS; and George McGhie, Strategic Adviser - Asia Pacific, Artex Risk Solutions.  The panel session sought to explore the potential role of insurance-linked securities (ILS) in corporate risk management.  The group discussed how corporate risk managers and insurance buyers think of the ILS opportunity and whether they believe it is a viable and complementary source of risk capital to add to their insurance towers.  They also explored the broader potential for use of insurance-linked securities (ILS) in corporate risk management, as well as topics such as parametric risk transfer, which is becoming a key corporate risk transfer tool.  With two insurance buyers on the panel representing large users of risk transfer, the panel provided an insightful look into how corporates might increasingly look to ILS and what the ILS market can do to help them engage more with the capital markets as a source of insurance risk transfer.  Listen to this full podcast episode to learn more about corporate risk management in Asia and how large insurance buyers think of the insurance-linked securities (ILS) opportunity.

This fireside chat interview took place on stage at the Artemis ILS Asia 2023 conference in Singapore on July 13th.  This session features a discussion with William Ho, the CEO of MS Amlin Asia Pacific, and Head of Reinsurance (Asia) for MS Amlin, about his expertise in the region, his firm's view of the reinsurance market there and also its use of insurance-linked securities (ILS).  MS Amlin has now sponsored three capital market arrangements that have been issued out of Singapore, all under the Phoenix Re name and all constituting quota share sidecar arrangements, backed by ILS investor capital.  Ho provided some insights into the importance of the Asia Pacific region to his employer MS Amlin, as well as his priorities for the business there as CEO.  He then went on to explain the motivation for sponsoring the Phoenix Re sidecar structures, the experience of doing so out of Singapore and the reception the deal's received from the ILS investor community.  Listen to the full podcast episode to learn more about the Asian reinsurance market place from the perspective of an ILS sponsor there, as well as William Ho's thoughts on the MS Amlin offering in Asia Pacific and his intentions for future use of the Singapore ILS regulatory regime.

This panel discussion took place at the Artemis ILS Asia 2023 conference in Singapore on July 13th.  This session was moderated by Michael Dunsire, Regional Director, APAC, Aon Insurance Managers.  The panellists taking part were: Simon Goh, Partner, Head of Insurance & Reinsurance, Rajah & Tann; Matthew Song, Executive Director, Head of Corporate and Institutional Client, SGX Group; Tim Yip, Executive Director & Portfolio Manager, ILS Advisers / HSZ Group; Scott McHardy, Head of Risk Finance, Toka Tū Ake EQC.  Momentum surrounding Singapore's ILS market hub continues to build, and this panel featured a discussion about the future of ILS in the country and what is needed to sustain ILS as a component of Singapore's broader financial activities.  The group discussed the current status of the Singapore ILS regulatory offering, as well as recent changes to the Singapore ILS Grant Scheme.  They also explored the broader potential for use of insurance-linked securities (ILS) within Singapore and the Asia Pacific region.  In addition, a recent first-time catastrophe bond sponsor on the panel, in Scott McHardy, Head of Risk Finance, Toka Tū Ake EQC, discussed the experience of using Singapore as a cat bond issuance domicile and explained how the regulator and service providers had supported the EQC through that process.  Listen to the full podcast episode to learn more about the insurance-linked securities (ILS) market in Singapore, the Singapore ILS regulatory regime and the continued investment that the country is making in developing a sustainable ILS hub component within its capital market.

This keynote speech took place at the Artemis ILS Asia 2023 conference in Singapore on July 13th.  This session featured Stefan Kräuchi and Tim Yip of Hong Kong based ILS investment manager and advisory firm ILS Advisers, which is part of the HSZ Group, discussing the Asian ILS investor landscape from their vantage point of being the only asset manager with a focus on the asset class that is located in the region.  The pair discussed some of the characteristics of ILS investors in the Asia region, as well as the ILS opportunities to invest in insurance risk originated from that part of the world.  They also explored the insurance and reinsurance landscape and why, despite having some of the largest reinsurers based there, Asian companies are so far not as advanced in managing ILS capacity themselves.  In addition, the ILS Advisers duo explored reasons for ILS having a slower uptake in Asia and what holds back more Asian insurance risk making it into the ILS market.  Listen to the full podcast episode to learn more about the Asian insurance-linked securities (ILS) market, its investor base and the market conditions in this location.

Christian Mumenthaler, CEO of Swiss Re, discusses the sustained hard reinsurance market and the need for reinsurers to become more profitable. He explores topics such as reinsurance market efficiencies, the protection gap, secondary perils, and the outlook for reinsurance renewals. The podcast also touches on the impact of natural catastrophes and COVID on the industry, as well as the future of reinsurance and the influence of the macroeconomic environment.

This fireside chat interview took place at the Artemis ILS Asia 2023 conference in Singapore on July 13th.  This session featured a discussion with Lorenzo Volpi, Deputy CEO and Managing Partner of specialist insurance-linked securities (ILS) investment manager Leadenhall Capital Partners, focusing on his firms operations as a diversified ILS investment manager.  Volpi discussed the benefits of having a diversified range of strategies available for investors, with funds focused on both the P&C and life sides of insurance and reinsurance opportunities.  Volpi went on to explore some of the priorities Leadenhall Capital Partners has at the moment, as well as his thoughts on the ILS market within Asia specifically.  He then spoke about the current ILS and reinsurance market dynamic, highlighting the attractive investment opportunity it currently presents.  Listen to the full podcast episode to learn more about the operations of a diversified ILS investment manager, as well as Lorenzo Volpi's thoughts on Leadenhall Capital Partner's priorities and market conditions today.

This opening keynote speech was delivered at the Artemis ILS Asia 2023 conference in Singapore on July 13th.  During his speech, Cheng Khai Lim, Executive Director, Financial Markets Development Department at the Monetary Authority of Singapore (MAS), highlighted the importance of building out greater structuring and deal capabilities in the Asia region, as Singapore continues to streamline its insurance-linked securities (ILS) regulatory regime.  He discussed growth prospects for insurance-linked securities (ILS) markets globally and in the Asia region.  In particularly, he pointed to the need for significant reinsurance protection from traditional and also non-traditional sources, such as the capital markets, to better protect against rising losses from natural catastrophes in the region.  Lim said that the Monetary Authority of Singapore (MAS) is committed to supporting the establishment of ILS structuring capabilities and growing ILS issuance in Singapore.  The Monetary Authority of Singapore (MAS) will also continue to support catastrophe bond and insurance-linked securities issuance in the Asia and Pacific region through the extension of its ILS grant scheme by a further three years, to run until the end of 2025.  Listen to this full podcast episode to learn more about the activities of the Monetary Authority of Singapore (MAS) in fostering insurance-linked securities (ILS) activity in Asia and Singapore.