December 2025 – BOTTICHWEB

Parametrix pays claims swiftly after AWS outage triggers parametric policies

Posted on December 7, 2025 by

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Parametrix, a specialist in parametric cloud downtime cyber risk transfer, has confirmed that it has already paid claims to clients that were impacted by the Amazon Web Services (AWS) outage on October 20, 2025.

Such prompt payments have allowed affected businesses to recover quickly from the event.

The AWS outage on Monday October 20, which originated in the largest AWS cloud region, unfolded across two phases.

The first disrupted a number of core services, such as EC2, Lambda, and API Gateway, while the second affected autoscaling and new-instance creation.

Parametrix particularly highlighted how this two-phase structure made the outage especially complex, with impacts varying depending on an organisation’s architecture and reliance on dynamic infrastructure scaling.

Thousands of companies were affected by the outage, with impacts varying from an inability to conduct business, as certain services dependent on Amazon AWS were unavailable, to less severe effects where internet users found thousands of popular websites lost features for a certain period of time.

On October 22, Parametrix explained to Artemis that the outage may have caused billions in lost opportunity and downtime for technology and internet services across the globe.

The company also told us that the event could trigger some cyber insurance policies but emphasised that it was not significant enough to be considered a Catastrophic Event.

On October 24, 2025, specialist cyber risk modeller CyberCube estimated a preliminary loss range of $38 million to $581 million for the AWS outage.

This shortly followed the release of the firm’s Security Incident Report (SIR) for the event, which estimated the potential impact on the re/insurance sector as moderate.

In that same report, the firm also said that outage highlights the systemic risk from concentrated cloud-provider dependencies and underscores the exposure of digital ecosystems to a single cloud region/critical service failure.

Moreover, Parametrix confirmed that it provided its insurer partners with a clear, data-driven breakdown of the outage within hours of its conclusion.

Customers that were affected by the outage were quickly identified, and their exposure levels estimated.

Parametrix explained that this real-time transparency ensured all stakeholders had full situational awareness and confidence in the measured financial impact of the outage.

The company also informed brokers of impacted client policies within 24 hours, allowing them to immediately circulate Declaration of Loss requests to their claimants.

“Once loss confirmation had been returned to Parametrix, claims payment commences for completion within two weeks, ensuring rapid liquidity and business continuity following the disruption,” Parametrix said.

Shay Simkin, Global Chair of Howden Cyber, commented: “The speed and clarity of Parametrix’s response to the AWS outage have been exceptional. The process was straightforward, and our clients immediately understood what was covered and the amount to be paid. They appreciate the simplicity and efficiency, receiving confirmation and payment within days.”

Ori Cohen, COO of Parametrix, said: “At Parametrix, everything begins with our clients. When disruptions happen, they shouldn’t be left waiting for answers or compensation. We work hand-inhand with our insurers and brokers to provide full transparency from the moment an event begins. Our parametric model ensures that clients have the funds they need to recover quickly and confidently.”

Parametrix pays claims swiftly after AWS outage triggers parametric policies was published by: www.Artemis.bm
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Cat bonds offer sustainable investment potential amid rising climate risks: UBS

Posted on December 6, 2025 by

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A recent report from UBS Group’s global wealth management arm has highlighted catastrophe bonds as a growing sustainable investment opportunity, emphasising their role in climate adaptation and financial protection against extreme weather events.

While they do not directly prevent disasters, UBS sees them as a crucial tool for helping insurers manage climate risks and for providing swift financial relief to affected communities.

Analysts also highlight cat bonds’ appeal to investors, citing their strong risk-adjusted returns and low correlation with traditional asset classes.

“From an issuer’s perspective, cat bonds can serve as a climate adaptation strategy, allowing insurance companies to manage their exposure to physical climate risks to which they’re exposed though primary insurance activity. This not only enhances the resilience of the insurance market but also provides social protection for those individuals and communities covered by insurance,” UBS said.

Adding: “As the world faces an increasing number of natural catastrophes, cat bonds are becoming increasingly relevant as a means of providing insurance against extreme weather events.”

Beyond their sustainability benefits, catasrophe bonds are also gaining traction among institutional investors due to their attractive financial characteristics. UBS points out that these instruments typically exhibit low correlation with other traditional asset classes, making them an effective hedge against market volatility.

UBS also highlights that investors can benefit from attractive risk-adjusted returns from cat bonds, especially within a low-interest rate environment.

Despite their benefits, UBS also highlights certain limitations that sustainability-focused investors should consider when it comes to cat bonds.

One key issue is the potential misalignment between parametric bond payout triggers and actual damage on the ground. While parametric bonds offer quick payouts based on pre-defined thresholds, such as wind speed or earthquake magnitude, these thresholds do not always align with the financial losses suffered by affected communities.

Furthermore, indemnity bonds, which base payouts on actual losses, offer a more precise alternative but often take longer to distribute funds, potentially delaying recovery efforts.

With extreme weather events becoming more frequent and costly, UBS sees cat bonds as an increasingly relevant investment that aligns financial returns with climate resilience.

The catastrophe bond and insurance-linked securities (ILS) market continues to expand at a rapid pace. Following a record year in 2024, issuance in the first quarter of 2025 managed to reach a huge $7.1 billion, which drove the size of the outstanding market to a new all-time-high of $52.2 billion.

Cat bonds offer sustainable investment potential amid rising climate risks: UBS was published by: www.Artemis.bm
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Cat bonds, parametrics & risk pools can narrow nat cat protection gap: G20 South Africa event

Posted on December 5, 2025 by

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Bridging the widening natural catastrophe insurance protection gap is part of building macro financial resilience, which calls for innovative solutions such as catastrophe bonds, parametric instruments and regional risk pools, according to Lesetja Kganyago, Governor of the South African Reserve Bank.

The G20 South African Presidency, in collaboration with the International Association of Insurance Supervisors (IAIS) and the World Bank Group (WBG), hosted a side event during the G20 Finance Ministers and Central Bank Governors (FMCBG) meetings in Durban in July 2025.

The event brought together senior leaders from governments, central banks and supervisors, the private sector, and international organisations to discuss strategies and solutions for narrowing the natural catastrophe insurance protection gap.

The event was opened by Kganyago, who noted that when governments step in with emergency funds or to judge financial reconstruction, it places additional strain on already limited fiscal space.

“For Central Banks, policy makers and supervisors, bridging this protection gap is part of building macro financial resilience. It calls for stronger risk sharing mechanisms, improved data and modelling of climate related risks, and innovative insurance solutions such as parametric instruments, catastrophe bonds and regional risk pools,” Kganyago said.

“More importantly, it requires a coordinated and collaborative effort across governments, insurance supervisors, the private sector, international organisations, multilateral development institutions, and local commodity communities to embed financial resilience into our climate and development strategies.”

He continued: “We must recognise that resilience is not only built in the aftermath of disasters, but in the deliberate and proactive planning, and actions before they occur. Insurance is not a luxury. It is a foundational and critical tool for sustainable development.

“I would encourage all of you to think boldly about how we can address this insurance protection gap beyond innovative products to include appropriate, policies and regulations, that are inclusive, accessible, and tailored to jurisdictional circumstances, especially considering the realities of EMDEs.”

Clearly, the protection gap poses a global challenge, affecting both advanced and emerging market and developing economies (EMDEs).

Going back to 2023, the global insurance protection gap was estimated at 62%, with gaps exceeding 90% in some EMDEs.

Of course, insurers can have a key contribution towards addressing the protection gap, as highlighted by Antoine Gosset-Grainville, Chairman of the Board of Directors of AXA and Member of the Insurance Development Forum (IDF) Steering Committee, one of the panelists from the event.

“Insurers obviously can have a decisive contribution to address the protection gap, through improvement of risk awareness and full innovative insurance solutions. But there are also microinsurance solutions which can be provided and risk transfer mechanisms which have been put in place,” Gosset-Grainville said.

“The second lesson is that prevention and risk reduction require strong public involvement, that’s clear. Co-financing of projects, this is the direction to remove barriers to insurance solution. There are a lot of fields where public bodies can concretely contribute. I’m convinced that at the IDF we can help to discuss and put in place those good options.”

Moreover, Ajay Banga, President of the World Bank, also noted during the event how the catastrophe insurance gap in developing countries is vast, and how this causes for the majority of losses to go uninsured.

“The problem is the insurance gap in the developing countries is vast, and as the governor said when catastrophe strikes, sometimes 90 percent of losses go uninsured. And why is that? Low affordability, limited financial inclusion, underdeveloped markets and weak regulatory and supervisory systems.”

He continued: “Several steps we can take to help and are doing: First, integrate insurance into a broader package of financial services beyond savings and credit deliver it digitally as well. In the whole of Africa where the World Bank supports 13 insurers and 11 financial institutions, are now offering bundled digital services including credit and livestock insurance to over three million farmers, and ranchers in Ethiopia, Kenya, and Somalia.”

Progress is being made towards a new national framework for disaster risk financing and risk transfer in South Africa.

On August 1st, the Treasury announced a Disaster Risk Strategy for the country, which includes accelerating plans towards parametric risk transfer solutions.

“Most public infrastructure is uninsured, placing a large contingent liability on the government,” the South African Treasury explained.

Current municipal insurance pools are seen as too small and limited in coverage, while risk transfer to the private market is a preferred solution.

The Treasury stated, “There is a significant opportunity to build on these facilities to increase asset cover and expand cover to important public infrastructure. The non-life insurance markets in South Africa present a viable opportunity for South Africa to better manage risk by transferring key risks off budget.”

A pilot phase will now begin, with the structure and pricing of insurance products slated to be launched later this year.

The Treasury further explained, “The next steps in the process will be an engagement between Government and the insurance sector on the potential for insurance, particularly parametric insurance, to improve South Africa’s approach to disaster risk. Parametric insurance is index-based insurance, which pays out when an adverse event (such as a flood) occurs. It is increasingly used by governments, municipalities and households to insure against climate-related risk.”

Catastrophe bonds remain a feature of discussions, but the South African government’s new disaster response financing strategy states, “South Africa could also issue a catastrophe bond, which would have the same outcome (payment of a premium for funds only available upon a catastrophic event), but this instrument entails complex documentation and large transaction costs).”

Importantly though, the strategy states that the private sector should be incentivised to innovate in financial resilience to shocks.

There is a key focus on transfer of risk to private capital and while cat bonds are seen as complex and perhaps an instrument for further down the line, it seems likely they will continue to be explored, potentially as mechanisms to source more meaningful capacity to support public infrastructure risk transfer and protection.

Meanwhile, the catastrophe bond markets dramatic transformation, which has been marked by record-breaking growth, expanding risk coverage, and rising global participation was showcased at the World Bank’s recent Innovating for Impact: Scaling Outcome Bonds and Catastrophe Bonds event in Luxembourg.

Cat bonds, parametrics & risk pools can narrow nat cat protection gap: G20 South Africa event was published by: www.Artemis.bm
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Cat bond and ILS structural improvements to persist beyond this cycle: Twelve Securis

Posted on December 4, 2025 by

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Despite catastrophe bond risk spreads having tightened and reinsurance rates being expected to decline at the renewals, specialist insurance-linked securities manager Twelve Securis says the relative value of the ILS asset class remains compelling for investors with structural improvements set to persist.

The trend of spread tightening in the catastrophe bond market has been reinforced by strong demand for the asset class, as well as the lack of losses faced, the investment manager explained in a new thought-leadership piece.

This spread environment, driven by seasonal and structural factors, has served to make the cost of risk capital and reinsurance protection cheaper for cat bond sponsors, which has been helping to drive the significant issuance levels seen this year.

Twelve Securis explained, “The cat bond market remains inherently cyclical. Periods of tightening markets often attract opportunistic issuers, while elevated spreads can moderate supply. Although reinsurance capacity has deepened and competition has increased, overall conditions still support robust issuance activity.

“This tightening has also encouraged the entry of new or non-traditional issuers, including corporates exploring risk transfer solutions for climate-related exposures. While the market remains dominated by U.S. hurricane and earthquake risks, we are seeing gradual broadening into secondary perils such as wildfires and severe convective storms as well as continued participation from European sponsors.

“Parametric structures remain an important innovation area, yet indemnity triggers continue to dominate due to their lower basis risk and closer alignment with traditional reinsurance mechanisms.

“Looking ahead, we expect that continued heavy primary issuance could introduce a stabilising effect on spreads. As more risk enters the market, investors will have greater ability to differentiate and allocate selectively, fostering equilibrium between pricing and demand.”

Twelve Securis forecasts that issuance levels should remain robust, and that “market sentiment suggests the trend will continue into the foreseeable future.”

Cat bonds remain an attractive asset class for investors, comparing well with other asset classes, the ILS manager notes.

“Despite the compression, relative value remains attractive, particularly versus corporate credit and high-yield markets.

“Cat bonds continue to offer an appealing premium, alongside diversification and low correlation benefits in a volatile macro environment,” Twelve Securis wrote.

Summing up on cat bonds the manager further stated, “The cat bond market remains a fundamentally healthy and expanding asset class. It offers meaningful spreads, strong underlying discipline, and low correlation to broader financial markets, all attributes that continue to underpin its role as a strategic diversifier. In an environment marked by geopolitical tension, inflation volatility, and overvaluation in traditional markets, cat bonds stand out as a resilient and attractive investment opportunity poised for further growth through 2026.”

Turning to private insurance-linked securities, the opportunities that see private reinsurance and retrocession structured into investment funds and opportunities for allocators, here Twelve Securis sees conditions also remaining attractive for investors.

With the 2026 renewals in sight, Twelve Securis expects to see, “a market entering a more balanced phase following two years of strong underwriting performance.”

“Leading into January 2026, in our view capacity will be marginally higher year-on-year, introducing some pricing pressure,” Twelve Securis forecasts.

Adding, “We expect moderate rate reductions in the upcoming renewal cycle, particularly in remote catastrophe layers where competition from the cat bond market is most pronounced. Across the broader market, pricing is likely to decline more gently, continuing the gradual correction from the post-2023 highs. The private reinsurance market remains more constrained in supply relative to capital markets, which should limit the extent of price softening.”

Despite the expectation of price softening, Twelve Securis goes on to say that, “Investor sentiment remains constructive,” on ILS opportunities.

“Cat bond spreads have tightened, yet the relative value of reinsurance risk remains compelling compared to traditional credit markets. Private ILS investors, having experienced resilient performance through recent events such as Hurricane Ian and the 2025 wildfires, retain confidence in the structural robustness and alignment of interest within the ILS framework,” Twelve Securis adds.

Also highlighting that, “We are observing selective capital rotation from cat bonds into private reinsurance strategies which is an indication of continued institutional engagement rather than new speculative inflows.”

Importantly though, when it comes to the January 2026 reinsurance renewals, Twelve Securis is expecting discipline to remain firm on important contract structural features such as attachment points.

In fact, the investment manager is anticipating discipline will be maintained on many of the important changes and updates that the ILS market has introduced over the last few years.

The investment manager wrote, “The defining feature of the 2026 renewals will be the negotiation around attachment points and coverage breadth. While buyers may seek broader protection, particularly for secondary perils such as wildfire, discipline across the market remains strong, and high attachment points continue to provide meaningful insulation from volatility.

“We expect the structural and behavioural improvements achieved during the hard market of 2023 – tightened terms and conditions, improved peril definitions, and mechanisms such as collateral trapping adjustments – to persist beyond this cycle.

“These changes have enhanced capital efficiency for cedents and investors alike and continue to strengthen the market’s long-term resilience.”

Summing up, Twelve Securis stated, “Robust issuance, disciplined pricing, and continued investor demand leave the market well-positioned for 2026. ILS remains a resilient, diversifying asset class offering attractive, risk-adjusted returns in an otherwise uncertain global market environment.”

Cat bond and ILS structural improvements to persist beyond this cycle: Twelve Securis was published by: www.Artemis.bm
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US property cat reinsurance rates to see “minor decline” at 1/1: AM Best

Posted on December 3, 2025 by

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While moderate softening in U.S. property catastrophe reinsurance rates has been observed throughout 2025, rating agency AM Best projects that further stabilisation or minor price shifts will take place at the upcoming January renewals.

In a recently published report, AM Best revealed that it has revised its market segment outlook for the U.S. homeowners’ insurance segment to stable from negative, with the agency citing moderating premium growth and enhanced catastrophe risk management practices amid improved property reinsurance market dynamics.

“The US homeowners market improved its resilience amid elevated catastrophe losses reported throughout 2025. Premium growth remains robust, albeit the pace has slowed compared to the prior year, driven by rate activity and expanded coverage demands,” the agency explained.

“Reinsurance market conditions continue to play a pivotal role, reflecting moderate softening of property rates, while terms and conditions remained consistent. The demand for coverage remains strong due to heightened weather loss activity and general economic and political uncertainty.”

As mentioned, property catastrophe reinsurance rates are expected to experience a “minor” decline at the 1/1 2026 renewal season, according to AM Best.

“January 2026 renewals are expected to see further stabilization or minor price shifts, though less comparative relief is expected for primary carriers operating in catastrophe-prone states,” commented Maurice Thomas, senior financial analyst, AM Best.

Adding: “Overall, the improving reinsurance dynamics in 2025 helped to alleviate pressures in the homeowners’ segment, fostering its resilience. Nevertheless, the segment remains inherently exposed to the effects of weather-related operating volatility.”

Nonetheless, the current pricing trends in the catastrophe bond market may suggest that rates for higher-layer catastrophe reinsurance could experience a more significant decline than the slight decrease projected by AM Best.

It’s also important to highlight that a number of US homeowner’s insurers have returned to the catastrophe bond market this year to secure longer-term reinsurance from capital markets, likely motivated in part by the robust execution that’s being observed.

It’s worth highlighting the attractive pricing of reinsurance coverage from the capital markets through catastrophe bonds, as this does imply higher-layer property cat renewals could face more than minor pressure on rates at the renewals.

Furthermore, Thomas noted that better performers within the homeowners’ insurance space have maintained solid risk-adjusted capitalization with sufficient liquidity.

“However, the capital cushion has eroded for some carriers in high-risk areas due to material operating losses driven by severe events, most recently from the January wildfires in California and severe tornado outbreaks across the country in the first half of the year,” Thomas explained.

Concurrently, AM Best also observed that Q3 2025 provided a notable respite for the segment, with the quarter being exceptionally quiet for natural catastrophe activity.

This relief followed an intense first half of the year for the segment, which was primarily dominated by the January 2025 California wildfires and severe tornado outbreaks through the summer.

While other noteworthy events included severe floods across Central Texas and Milwaukee.

The agency noted that profitability for the segment will likely benefit should storm activity remain benign throughout the remainder of 2025.

To conclude, AM Best said: “Overall, the US homeowners segment continues to show signs of stabilization owing to solid (albeit moderating) premium growth, as well as refined underwriting practices amid improved property reinsurance market dynamics. However, carriers continue to face market challenges, including elevated frequency and severity of extreme weather events (specifically secondary perils) and inflationary pressures. Technology advancements will continue to transform the market landscape while regulatory changes remain a key consideration.”

US property cat reinsurance rates to see “minor decline” at 1/1: AM Best was published by: www.Artemis.bm
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Generali secures EUR200m Lion Re DAC “green cat bond” renewal

Posted on December 2, 2025 by

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Italian and global insurance giant Assicurazioni Generali S.p.A. has now successfully secured a renewal for its green catastrophe bond, with the new EUR 200 million Lion Re DAC transaction finalised at its target size and with pricing of the two tranches of notes at either end of their initial ranges, Artemis can report.

Generali returned to the catastrophe bond market at the beginning of May, with an initial target to secure EUR 200 million of multi-year and fully collateralized reinsurance to protect it against losses from windstorms affecting Europe and earthquakes affecting Italy.

The insurer sponsored its first what it termed green catastrophe bond, back in 2021.

That €200 million Lion III Re DAC transaction provided reinsurance against certain losses from European windstorms and Italian earthquakes across a multi-year term, but matures this June.

Hence this new Lion Re DAC 2025-1 cat bond looks like a renewal of the previous deal.

Generali launched its own framework for Green insurance-linked securities (ILS) back in 2020, and in 2024 the green ILS framework was updated to incorporate new features and expand its scope, resulting in a Green, Social and Sustainability Insurance-linked Securities Framework.

Under this framework, Generali can free up capital thanks to the cat bond which can be put to work in sustainable investment.

Now, with the Lion Re DAC 2025-1 cat bond priced, Generali has secured its targeted EUR 200 million renewal and the deal will move towards settlement later this month.

Now, Lion Re DAC will issue two tranches of Series 2025-1 notes that will provide Generali with a four year source of collateralized reinsurance protection, on an indemnity trigger and per-occurrence basis, against losses from windstorms across Europe and earthquakes in Italy.

A EUR 125 million Class A tranche of Series 2025-1 notes will provide Generali with both European windstorm and Italy quake protection. They come with an initial expected loss of 3% and were first offered to cat bond investors with price guidance in a range from a spread of 5.5% to 6.25%.

We now understand the Class A notes have been priced at the low-end of that guidance, for a risk interest spread of 5.5% to be paid to investors.

A EUR 75 million Class B tranche of notes will provide Generali with only Italy earthquake protection. They come with an initial expected loss of 2.33% and were first offered to cat bond investors with price guidance in a range from a spread of 5.25% to 6%.

We’re told the risk interest spread for the Class B notes has now been finalised at 6%, so at the upper-end of the initial guidance range.

As a result, Generali has secured its targeted collateralized reinsurance coverage from the catastrophe bond market with pricing within guidance, albeit at opposite ends of the respective initial ranges on offer.

As a comparison, the soon to mature Lion III Re cat bond featured a single tranche of notes exposed to both of the perils and came with an initial expected loss of 2.99% and priced to pay investors a risk interest spread of 3.5%.

Under the terms of Generali’s Green, Social and Sustainability Insurance-linked Securities Framework, this new Lion Re DAC catastrophe bond will free up an amount of its own capital, equal to the cat bonds limit. This can then be allocated to eligible projects by the company, while the collateral will be invested in EBRD notes. The insurer will also report on the allocation of the freed up capital and the project benefits derived from that, we understand.

It’s great to see Generali continuing to push the boundaries of ESG within the catastrophe bond market, by following its framework and seeking to deliver broader sustainable benefits, while also deriving its own benefits from the capital markets backed reinsurance the cat bond will provide.

You can read all about this new Lion Re DAC catastrophe bond and every other cat bond ever issued in the Artemis Deal Directory.

Generali secures EUR200m Lion Re DAC “green cat bond” renewal was published by: www.Artemis.bm
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Cat bonds central to Pool Re’s overall protection structure: CUO

Posted on December 1, 2025 by

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Jonathan Gray, Chief Underwriting Officer at Pool Re, the UK’s leading terrorism reinsurer, has emphasised that while its catastrophe bond activity is smaller than the traditional retrocession programme, it remains ‘absolutely central’ to the firm’s risk protection framework.

Regular readers will recall that Pool Re returned to the catastrophe bond market earlier this year with Baltic III, securing £100 million (around US$130 million) of capital markets support for terrorism risk.

This marked the second renewal of its landmark terrorism catastrophe bond and the third issuance in the Baltic series.

In a recent interview with our sister publication, Reinsurance News, Gray underscored the strategic significance of Baltic III, while also discussing broader topics, including the persistent “perception gap” in terrorism reinsurance.

Underlining the use of catastrophe bonds to transfer terrorism risk, the CUO said, “It’s an important vehicle for us to spread risk and protect the taxpayer from significant losses.

“We continue to use traditional retrocession, but we’re essentially at capacity in that market.

“If we’re serious about returning risk to the private sector and distancing the taxpayer from loss, we need to bring in new investors and new forms of capital.

“That’s exactly what the insurance-linked securities (ILS) market allows us to do, and future engagement in the space is definitely on Pool Re’s agenda.”

Gray also noted that, although catastrophe bonds are smaller than the firm’s traditional retrocession programme, it “doesn’t make it any less important.”

He continued, “It sits just beneath the main retrocession layer, so it’s absolutely central to our overall protection structure. “We’re very pleased to have placed Baltic III, and delighted to be back in the catastrophe bond market.”

“It also provides important diversification. This year, not only did Baltic come to market, but our colleagues in France launched their Athena bond, and we’ve also begun to see cyber transactions emerge.

Closing his thoughts on catastrophe bonds, Gray also looked ahead to other areas of risk transfer.

“Over time, I expect other non-natural catastrophe perils will follow. That diversification is something investors are very keen to explore, and from our conversations, it’s clear they see real opportunity in it,” he said.

For more insights from Gray, including the challenges businesses face in obtaining adequate terrorism insurance, you can read the full Reinsurance News interview here.

Pool Re operates as a unique public–private partnership backed by an unlimited HM Treasury loan facility, providing cover for £2.3 trillion of UK assets, spanning businesses of all sizes, from local traders and shopping centres to airports and power grids, across key sectors including real estate, retail, transport, construction, and energy.

Cat bonds central to Pool Re’s overall protection structure: CUO was published by: www.Artemis.bm
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