Here are the ten most popular news articles, week ending December 10th 2023, covering catastrophe bonds, ILS, reinsurance capital and related risk transfer topics.To ensure you never miss a thing or get our email alerts for every article we publish.Clear Blue files legal action against Aon over Vesttoo letter of credit fraud issue Artemis learned that fronting specialist Clear Blue Insurance has filed a lawsuit against broking giant Aon, in relation to the reinsurance letter of credit (LOC) fraud perpetrated by insurtech Vesttoo.

Vantage to expand third-party capital use, over $1.5bn to deploy in 2024: McKeown Vantage Risk has plans to leverage third-party capital in a broader set of underwriting lines in future and now with over $1.5 billion of capital to deploy using its AdVantage collateralized insurer class of company, 2024 could be the year it expands into non-cat risk, Chris McKeown told us.144A property cat bond issuance breaks annual record at $12.6bn in 2023 Issuance of Rule 144A property catastrophe bonds has now officially set a new annual record for 2023, as the total issued surpassed $12.6 billion with the settlement of the latest transactions last week.Vesttoo creditors seek legal discovery on China Construction Bank The Committee of Unsecured Creditors in the Chapter 11 bankruptcy case of insurtech Vesttoo have filed a request with the court to allow them to conduct legal discovery on the main bank named in the letter of credit (LOC) reinsurance collateral fraud, China Construction Bank.

Canopius hires Brent Slade as Head of ILS with remit to expand activity Canopius Group has hired well-known insurance-linked securities (ILS) focused executive Brent Slade in Bermuda, who will become the firm’s new Head of ILS and have a remit to expand ILS activities for the Group.Florida Citizens targets $5.5bn of reinsurance for 2024.Cat bonds need replacing Citizens Property Insurance Corporation, could increase its purchase of reinsurance and catastrophe bond backed risk transfer in 2024, with its new layer structure following the merging of its accounts suggesting as much as $5.5 billion could be purchased next year.

RGA launches life reinsurance sidecar Ruby Re.Hudson Structured a backer Reinsurance Group of America (RGA) has announced the launch of a new Missouri-domiciled third-party life reinsurance sidecar company named Ruby Reinsurance Company (Ruby Re), which has been backed by a number of investors including insurance-linked securities (ILS) specialist Hudson Structured Capital Management.ILS, parametrics and new tech a real opportunity to close protection gaps: IDF New technologies can serve as a bridge between the re/insurance industry and the world’s most vulnerable, and alongside the use of insurance-linked securities (ILS) and innovative solutions such as parametrics, can help to close the global protection gap, according to the Insurance Development Forum (IDF).

Video from Artemis London 2023.Developments in ILS investor sentiment panel This video features an insightful panel discussion on ILS investment sentiment from our Artemis London 2023 catastrophe bond and insurance-linked securities (ILS) conference, that was held in London on September 5th 2023.TWIA advised to get into cat bond market, start reinsurance renewal early The Texas Windstorm Insurance Association (TWIA) is expected to buy more reinsurance and risk transfer in 2024 as its exposure grows and it has been advised to get into the catastrophe bond market sooner than later to renew a maturing issuance, while also starting its reinsurance renewal planning as soon as possible.

This is not every article published on Artemis during the last week, just the most popular among our readers over the last seven days..To ensure you always stay up to date with Artemis and never miss a story subscribe to our weekly email newsletter which is delivered every Wednesday.

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