Best of Artemis, week ending July 6th 2025

Tickets selling fast. Early Bird rate still available!

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1. Reinsurance capital outstrips demand at mid-year renewals: Aon
   Global reinsurance capital outpaced demand at the 2025 mid-year renewals, fostering a more competitive environment for buyers, according to Aon. The firm also estimated that insurance-linked securities (ILS) capital remained stable at $115 billion as of the end of the first quarter, underscoring the ongoing strength and resilience of alternative capital sources.
2. Accelerant upsizes Flywheel Re sidecar, gets meaningfully increased Barings backing
   Accelerant Holdings, the tech-focused company that helps its members exchange or transfer risk more effectively, while connecting them with long-term capital, has upsized and renewed its Flywheel Re collateralized reinsurance sidecar, securing meaningfully increased capital backing from core investor Barings, LLC in the process.
3. Perren Capital Management hires former Nephila employee Susan Richardson as COO
   Perren Capital Management Ltd., a Bermuda-based third-party capital reinsurance manager launched by Darren Redhead, has announced the hire of former Nephila Capital reinsurance controller Susan Richardson as the firm’s first Chief Operating Officer (COO).
4. ILS drives structural flexibility and softer pricing at July renewals: Gallagher Re
   A wave of alternative capital, led by a record-setting surge in catastrophe bond issuance, helped reinsurers meet growing demand without pushing prices higher at the July 1 renewals, according to Gallagher Re, as cedants secured improved terms in property and specialty lines.
5. Cedar Trace and Sage Advisory partner on ILS enhanced credit investment opportunities
   Cedar Trace Group, the Bermuda based insurance, reinsurance and asset management specialist, has established a partnership with Austin, Texas based fixed income and alternative solutions manager Sage Advisory Services Ltd. Co., to deliver insurance-linked securities (ILS) enhanced credit opportunities to investors.
6. Cedar Trace ILS strengthens with Luu (Aon IM), Reynolds (IQUW), Spence (Securis) hires
   Cedar Trace, the Bermuda-based insurance, reinsurance, and asset management group formerly operating under the Mereo brand, has made three senior appointments to its insurance-linked securities (ILS) platform.
7. Aon expects more casualty reinsurance sidecar launches in 2025 and 2026
   Aon has said that interest in leveraging the reinsurance sidecar structure to support casualty exposures is continuing to build, with a number of new casualty reinsurance sidecars expected to launch later in 2025 and into 2026.
8. Members Capital launches tokenised reinsurance fund, unlocking new capital for investors
   Members Capital Management Limited (MembersCap), the Bermuda-regulated investment manager has completed the investment of its initial portfolio through its fund, MCM Fund I, the first tokenised institutional-grade reinsurance fund designed to open new capital channels to both digital asset investors and traditional allocators.
9. Throes of soft reinsurance market still 2–3 years away: Peel Hunt
   The specialty re/insurance market may be starting to soften, but the inflection point into a full soft market remains two to three years away, according to a new report from Peel Hunt.
10. PGGM / PFZW ILS portfolio gross return for 2024 was 25.2% unhedged
    We’d reported before that the giant insurance-linked securities (ILS) portfolio managed by PGGM, the Dutch pension fund investment manager, on behalf of its end-client Dutch pension PFZW, had delivered a 15.1% net of costs return for calendar year 2024, on a Euro hedged basis.

Artemis London 2025,   September 2nd

Our annual catastrophe bond and ILS conference returns in London on September 2nd 2025. With space for more people and a new venue this year, it promises to be our biggest London event yet.

Future conferences  

Please save these dates for upcoming Artemis conferences:

Artemis ILS NYC 2026 - February 6th, 2026, New York City.
We will be back at our usual venue in Midtown NYC for our next installment of the ILS NYC event, with space for up to 450 attendees.

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Steve Evans.
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