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<ul class="summary-list"><li>Hurricane Milton may cause major losses for catastrophe bond investors.</li><li>Cat bonds transfer the risk of weather events to investors, offering high returns in years with little damage.</li></ul>The back-to-back barrage of Hurricanes Helene and Milton could trigger big losses for investors in catastrophe bonds.The fixed income securities allow insurers and reinsurers to <a target="_blank" class="" href="https://markets.businessinsider.com/news/bonds/catastrophe-bonds-climate-change-us-treasury-yields-disaster-insurance-costs-2023-10">transfer risks associated with major weather events to investors.</a>Investors who buy cat bonds <a target="_blank" class="" href="https://markets.businessinsider.com/news/bonds/catastrophe-bonds-climate-change-us-treasury-yields-disaster-insurance-costs-2023-10">can see big returns</a> if it's a relatively quiet year for hurricanes and other natural disasters. As long as there are few extreme weather events or damage from any event is mild, investors continue to collect the relatively high yield on the bonds. That's <a target="_blank" class="" href="https://markets.businessinsider.com/news/bonds/catastrophe-bonds-climate-change-us-treasury-yields-disaster-insurance-costs-2023-10">what happened in 2023,</a> as there were just a few major hurricanes relatively tame in terms of the damage they brought to Florida and surrounding states.The Swiss Re Global Cat Bond Index surged 20% in 2023, nearly matching the S&amp;P 500's 24% gain last year. The solid returns reflected the sleepy hurricane season last year.However, on the other hand, a strong hurricane can trigger various clauses within catastrophe bonds, resulting in big losses for investors. The money that would otherwise flow to bondholders is instead used to help pay out money to policyholders affected by natural disasters. In 2022, Hurricane Ian caused about $60 billion of insured losses and triggered a big loss in cat bonds, with the Swiss Re Global Cat Bond Index plunging 10% in September 2022. The index dropped 2% for all of 2022.According to data from Artemis, 2022 was the only down year for the Swiss Re Global Cat Bond Index in 20 years.Cat bond investors could see a repeat of 2022, or worse this year, if the <a target="_blank" class="" href="https://www.businessinsider.com/hurricane-milton-timeline-see-storm-evolution-from-space-satellite-imagery-2024-10">worrying projections for Hurricane Milton pan out.</a> The storm is barreling towards the west coast of Florida as a Category 4 hurricane, scheduled to hit the state late Wednesday or early Thursday. Initial estimates suggest Milton could trigger more than $100 billion in damage, according to <a target="_blank" class="" href="https://www.reuters.com/business/finance/hurricane-milton-could-cost-insurers-60-bln-raise-reinsurance-rates-rbc-says-2024-10-09/">analysts at Jefferies,</a> with a massive storm surge expected to flood a wide swath of Florida's west coast.<a target="_blank" class="" href="https://www.reuters.com/business/finance/hurricane-milton-could-cost-insurers-60-bln-raise-reinsurance-rates-rbc-says-2024-10-09/">According to RBC,</a> Milton could cause insured losses of about $60 billion, which would likely be big enough to trigger losses on cat bonds."Market seems to be pricing in a similar impact from Hurricane Ian of a $60bn industry loss in 2022," RBC analysts said of Hurricane Milton.This comes just two weeks after Hurricane Helene ravaged parts of Florida and North Carolina, creating estimated losses for insurers of as much as $11 billion, according to an estimate from Verisk.The Stone Ridge High Yield Reinsurance Risk mutual fund, which owns cat bonds, has plunged 7% over the past month, erasing its year-to-date gains.Meanwhile, the Pioneer Cat Bond Fund has declined 2% in the past week.However, according to RBC, higher reinsurance rates implemented following Hurricane Ian could soften the blow for cat bond investors, depending on the severity of Hurricane Milton."Better reinsurance contract terms, broader earnings diversification and bigger reserve buffers should put the sector in better stead than before," RBC said.The potential for massive damage caused by Hurricane Milton, which is considered to be a once-in-a-generation event, is also dragging down global reinsurer stocks.Shares of Swiss Re and Munich Re are down 3% and 2% in the past week, respectively.

Owners of 'catastrophe bonds' are staring down big losses as Hurricane Milton  barrels down on Florida

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Happy Friday! President Joe Biden delivered a State of the Union yesterday that was unlike any in recent memory. He seized the opportunity to <a target="_blank" href="https://www.businessinsider.com/biden-state-of-the-union-speech-takeaways-trump-attacks-campaign-2024-3">tear into his predecessor</a>, Donald Trump — and Trump was quick to vent his fury online.In today's big story, we're looking at pharma companies' surging stocks and <a target="_blank" href="https://markets.businessinsider.com/news/stocks/tech-stocks-jpmorgan-retail-traders-dump-magnificent-7-for-pharma-2024-3">threatening tech darlings</a> thanks to their weight-loss drugs.What's on deck:<ul><li>Markets: Stock buybacks are <a target="_blank" href="https://markets.businessinsider.com/news/stocks/us-stock-buyback-record-forecast-cash-tech-earnings-growth-goldman-2024-3">set to make a massive comeback</a>.</li><li>Tech: Apple is having a <a target="_blank" href="https://www.businessinsider.com/apple-just-cant-seem-to-catch-a-break-this-year-2024-3">tough go of it</a>.</li><li>Business: Make way for bike lanes! <a target="_blank" href="https://www.businessinsider.com/bike-lanes-good-for-business-studies-better-streets-2024-3">They'll actually help your business</a>.</li></ul>But first, there's a new kid on the block.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3>The big story</h3><h2>Magnificent weight loss</h2><div type="image" title="A person holding a vial." height="650" width="1300" msid="108334141" hostid="261" sizebytes="27506"></div>Weight-loss drugs have become a trendy way to shed pounds in recent years. The companies behind them are now slimming down a new target: The Magnificent 7.Mom-and-pop investors have been net sellers of most of the Magnificent 7 stocks, selling off shares of Tesla, Apple, Alphabet, and Microsoft, according to a new note from JPMorgan.Meanwhile, pharmaceutical companies appear to <a target="_blank" href="https://markets.businessinsider.com/news/stocks/tech-stocks-jpmorgan-retail-traders-dump-magnificent-7-for-pharma-2024-3">have gained what the market's tech darlings lost</a>, writes Business Insider's Yuheng Zhan. Eli Lilly, Pfizer, and Novo Nordisk have grabbed the attention of retail investors, according to JPMorgan.That shift was evident Thursday. Shares of Novo Nordisk, the drug maker behind Wegovy, surged to a record high following an update on a new obesity drug, <a target="_blank" href="https://markets.businessinsider.com/news/stocks/novo-nordisk-stock-price-market-cap-tesla-obesity-drug-wegovy-2024-3">pushing its market cap ranking</a> past Magnificent 7 laggard Tesla.Expectations are high for fellow weight-loss drugmaker Eli Lilly. Bank of America assigned it a $1,000 price target, the highest on Wall Street, off the potential its weight-loss drug <a target="_blank" href="https://markets.businessinsider.com/news/stocks/eli-lilly-stock-outlook-weight-loss-drug-bofa-upgrade-glp1-2024-3">tops $60 billion in sales by 2030</a>. And some have speculated it could <a target="_blank" href="https://markets.businessinsider.com/news/stocks/eli-lilly-stock-diabetes-ozempic-wegovy-weight-loss-drug-pharma-2023-12">become the first trillion-dollar drug company</a>.<a target="_blank" href="https://www.businessinsider.com/magnificent-7-stocks-no-tech-bubble-burst-2024-2">Market experts expected investors to exit some of their Magnificent 7 positions</a> to realize some of the massive gains they accumulated last year. And retail investors remain buyers of Nvidia, the crown jewel of the Mag 7, JPMorgan said.But the growth these pharma companies have already shown is impressive. And it comes despite only 1% of US adults taking weight-loss drugs, <a target="_blank" href="https://www.businessinsider.com/weight-loss-stocks-supplying-developing-drugs-like-ozempic-list-2024-3">according to Bank of America</a>, which predicts that number could rise to 15% by 2035.<div type="image" title="Four photos of patients and doctors against a blue background." height="1500" width="2000" msid="108334142" hostid="261" sizebytes="156266"></div>Not unlike artificial intelligence, which has pushed tech stocks higher, the weight-loss drugs fueling pharmaceuticals' recent rally have their critics.The most notable concerns stem from a lack of understanding of the <a target="_blank" href="https://www.businessinsider.com/weight-loss-glp-1-drugs-ozempic-wegovy-mounjaro-effects-future-2023-12">long-term effects of the drugs</a>, which act on our neural pathways. For some, their loss of appetite has come with a similar apathy towards other things, like work or sex.Weight-loss drugs are also cutting more than just fat. Doctors have raised concerns about <a target="_blank" href="https://www.businessinsider.com/weight-loss-drug-semaglutide-ozempic-causes-muscle-loss-doctor-warns-2023-3">the major loss of muscle mass</a> people on these drugs can experience, especially if they're not getting enough protein or exercise.Drug companies are already considering ways to <a target="_blank" href="https://www.theatlantic.com/health/archive/2024/02/ozempics-muscle-loss-problem/677326/">incorporate drugs that can help users build muscle while also losing fat</a>, according to The Atlantic.For Wall Street, meanwhile, the equation is much simpler: Getting more people on weight-loss drugs boosts the economy. The US GDP <a target="_blank" href="https://www.businessinsider.com/us-economy-faster-growth-ozempic-glp-1-weight-loss-drugs-2024-2">could grow an extra 1% if 60 million Americans took GLP-1 drugs by 2028</a>, according to Goldman Sachs' chief economist.<h2>3 things in markets</h2><div type="image" title="Market bull money stocks" height="1537" width="2049" msid="108334235" hostid="261" sizebytes="486504"></div><ol><li>Companies buying their own stock is back in fashion. Share repurchases will hit <a target="_blank" href="https://markets.businessinsider.com/news/stocks/us-stock-buyback-record-forecast-cash-tech-earnings-growth-goldman-2024-3">$925 billion this year and $1 trillion next year</a>, according to Goldman Sachs. The trend, which will be powered by cash-rich mega-cap tech companies, is thanks to strong earnings growth, the bank said. However, the Biden administration is mulling <a target="_blank" href="https://markets.businessinsider.com/news/stocks/joe-biden-administration-wants-to-quadruple-taxes-on-stock-buybacks-2024-3">quadrupling taxes on stock buybacks</a>.</li><li>A billionaire real estate mogul has some stern words for the Fed. Barry Sternlicht said the real estate industry was "minding our own business" when <a target="_blank" href="https://www.businessinsider.com/commercial-real-estate-crisis-crash-fed-economy-inflation-rates-sternlicht-2024-3">it became "collateral damage" of the Fed's aggressive rate hikes</a>. He also pointed to the Fed's tightening policy amid government spending on the Infrastructure Investment And Jobs Act and the Inflation Reduction Act.</li><li>An old hedge-fund strategy makes a comeback. Alpha capture strategies, which generate investment portfolios by aggregating inputs from sources including human traders, market data, and sell-side research, are <a target="_blank" href="https://www.businessinsider.com/alpha-capture-hedge-funds-quantamental-2024-3">hot again in the hedge-fund world</a>.</li></ol><h2>3 things in tech</h2><div type="image" title="The Apple logo on a store." height="1334" width="2000" msid="108334237" hostid="261" sizebytes="57978"></div><ol><li>Apple can't catch a break. It's been <a target="_blank" href="https://www.businessinsider.com/apple-just-cant-seem-to-catch-a-break-this-year-2024-3">a rough week for the iPhone maker</a>: On Monday, the European Commission slapped it with a $2 billion fine. Then, a report found its iPhone sales in China had dropped 24% in the first six weeks of the year. And that's saying nothing of its abandoned EV ambitions.</li><li>Tesla's value is sagging — bringing Elon Musk down with it. The EV company has seen <a target="_blank" href="https://www.businessinsider.com/tesla-stock-price-elon-musk-mcdonalds-disney-ev-market-cap-2024-3">its value slump by $234 billion</a> this year. That's more than McDonald's, Disney, or Nike are worth. In turn, Musk's wealth has <a target="_blank" href="https://www.businessinsider.com/elon-musk-wealth-down-40-billion-this-year-tesla-stock-slide-2024-3">dropped by almost $40 billion</a> since the start of 2024.</li><li>TikTok is fighting back against Congress. Lawmakers are talking about banning the app once again — and the White House has signaled it thinks that's a good idea. TikTok has responded by <a target="_blank" href="https://www.businessinsider.com/tiktok-ban-china-congress-bill-force-sale-bytedance-why-2024-3">sending messages to some users</a> that urge them to help it stop a shutdown.</li></ol><h2>3 things in business</h2><div type="image" title="An illustration of a bike locked to a parking meter." height="1000" width="2000" msid="108334240" hostid="261" sizebytes="273882"></div><ol><li>Bike lanes are good for business. Some store owners worry that bike lanes take away parking spots, hindering customers' access to shops. But studies have shown bike lanes do nothing to reduce business — and <a target="_blank" href="https://www.businessinsider.com/bike-lanes-good-for-business-studies-better-streets-2024-3">may actually help improve sales</a>.</li><li>Temu will open to US merchants soon. US-based merchants told BI <a target="_blank" href="https://www.businessinsider.com/us-europe-amazon-sellers-eager-for-temu-platform-launch-2024-3">they're eager to sell on Temu</a> as it rapidly grows. The Chinese ecommerce platform has made a splashy entrance into the American market, reportedly <a target="_blank" href="https://www.businessinsider.com/temu-millions-on-meta-ads-staff-joked-gift-card-rewards-2024-3">spending $2 billion for advertising on Meta</a>.</li><li>Check out Rivian's new EVs. The carmaker revealed two new SUVs on Thursday: the long-awaited R2 and a surprise, smaller version called the R3. "These represent our future," Rivian CEO RJ Scaringe said. <a target="_blank" href="https://www.businessinsider.com/rivian-r2-suv-release-price-range-specs-photos-2024-3">Take a look</a> at the designs, specs, and other features.</li></ol><h2>In other news</h2><ul><li><a target="_blank" href="https://www.businessinsider.com/rupert-murdoch-marriage-engaged-elena-zhukova-2024-3">Rupert Murdoch is taking yet another shot at marriage at the age of 92</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/pe-vc-investors-flock-to-sports-ai-after-peak-tv-2024-3">Private-equity and VC investors look to sports, AI, and live events as the era of peak TV draws to a close</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/hedge-funds-lincoln-center-fundraiser-steve-cohen-new-york-2024-3">Inside hedge funds' big Lincoln Center bash: Caviar, acrobats, and a professed love for New York 'even if we move to Florida.'</a></li><li><a target="_blank" href="https://www.businessinsider.com/dc-restaurant-service-charges-fees-allowed-if-disclosed-to-customers-2024-3">Live in DC? Get ready for 20% service charges when you eat out</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/work-life-balance-doctor-joseph-maroon-triathlete-2024-3">A busy 83-year-old doctor who does triathlons shares his 'square method' for maintaining a work-life balance</a>.</li><li><a target="_blank" href="https://markets.businessinsider.com/news/currencies/bitcoin-holdings-portfolio-allocation-price-gold-crypto-rally-safe-haven-2024-3">Bitcoin is replacing gold in investor portfolios</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/netflix-love-is-blind-charlotte-suburban-housing-debate-walkable-density-2024-3?sd">'Love is Blind' fans are bashing the cookie-cutter Charlotte suburbs featured on the show. Here's how experts say they can be improved</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/ray-dalio-taylor-swift-concert-selfie-endorsed-her-president-2024-3">Ray Dalio went to a Taylor Swift concert, took a selfie, and endorsed her for president</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/creative-director-merkley-partners-lawsuit-sexual-assault-2024-3">Omnicom agency Merkley+Partners hit with lawsuit accusing ex-creative director of raping a social media strategist in the bathroom</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/food-product-recalls-increasing-cinnamon-2024-3">Noticing more product recalls lately? It's not just you</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/victoria-cruises-line-travelers-refunds-residential-cruise-vcl-2024-2">Travelers booked the residential cruise of their dreams. Now, some doubt it'll happen — and say they've waited months for refunds</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/5g-advanced-standalone-6g-qualcomm-huawei-mwc-2024-3">5G had a slow and messy start. New 5G technologies could finally bring the faster networks we were promised</a>.</li></ul><h2>What's happening today</h2><ul><li>SXSW kicks off today.</li></ul>The Insider Today team: <a target="_blank" href="https://www.businessinsider.com/author/dan-defrancesco">Dan DeFrancesco</a>, deputy editor and anchor, in New York. <a target="_blank" href="https://www.businessinsider.com/author/hallam-bullock">Hallam Bullock</a>, editor, in London. <a target="_blank" href="https://www.businessinsider.com/author/jordan-parker-erb">Jordan Parker Erb</a>, editor, in New York. <a target="_blank" href="https://www.businessinsider.com/author/george-glover">George Glover</a>, reporter, in London.

Pharmaceutical companies behind weight-loss drugs are slimming down a new target: The Magnificent 7

<ul class="summary-list"><li>John Seo steered Fermat Capital Management to 20% gains in 2023, Bloomberg reported.</li><li>A Harvard physics grad, Seo traded catastrophe bonds with great success amid volatile weather and inflation.</li></ul>In 2023, John Seo comfortably beat the market placing bets on the weather. Seo — who holds a PhD in biophysics from Harvard University — runs Fermat Capital Management, and delivered 20% returns last year. That's more than double the hedge fund average of 8% in that stretch.According to a <a href="https://www.bloomberg.com/features/2024-catastrophe-bonds-fermat/?srnd=markets-vp" target="_blank" rel="noopener">Bloomberg</a> profile published Tuesday, Seo's firm owns the largest collection of catastrophe bonds in the world. Insurers issue the debt securities to account for unanticipated risks and super-rare events. Cat bonds, which pay investors as long as disaster does not strike, have become a lucrative, high-yielding bet in the age of rising climate catastrophes. The bonds help insurers meet obligations to policyholders in the event of a natural disaster. They have been around for decades, and Seo has been trading them for about as long, the report said.He makes investment decisions with computer weather models, and last year was a banner year for the complex assets. Insurers issued a record $16 billion worth of cat bonds amid concerns about extreme weather as well as <a href="https://www.businessinsider.com/inflation-cpi-consumer-price-index-food-gas-housing-prices-february-2024-3">inflation</a> pressures, which have made it more expensive to rebuild after a natural disaster.Companies are concerned about the growing occurrence of climate-related tragedy or damages, and the Bloomberg report said less than a third of the $380 billion in global climate losses was insured."The insurance market is on edge," Seo told <a href="https://www.bloomberg.com/features/2024-catastrophe-bonds-fermat/?srnd=markets-vp" target="_blank" rel="noopener">Bloomberg</a>. "It's freaked out about risk and wants as little as possible."Fermat, which Seo founded in 2001 with his brother, holds a roughly $10.8 billion portfolio and was able to capture about a quarter of the cat bond market in 2023. It holds stakes in about 80% of the nearly 300 securities outstanding in the market.These assets are issued only once in awhile to protect against major, freak incidents like particularly damaging hurricanes or earthquakes. They're also a method used by by large multinational finance organizations like the World Bank to help pay for rebuilding in developing countries after a disaster strikes. That rarity, however, creates a market of potentially drastic wins and losses — and Fermat nailed its trades for its best year of returns ever. Last year was "a unicorn year where you have great returns and equilibrium in the market," Fermat managing director Brett Houghton told Bloomberg in a separate <a href="https://www.bloomberg.com/news/articles/2024-01-17/hedge-fund-fermat-has-best-year-ever-after-cat-bond-bets-soar?sref=GBEdnt3o" target="_blank" rel="noopener">January</a> interview. One factor that helped cat bond investors was that the hurricane season was less severe than in 2022, which meant fewer losses had to be covered. "2024 promises to be another interesting year for investors in terms of attractive returns," Houghton said, per Bloomberg.

A hedge fund run by a Harvard physics grad delivered 20% returns in 2023 betting on extreme weather

<ul class="summary-list"><li>The <keyword id="12030574" type="UNKNOWN" weightage="60" keywordseo="imf" source="Orion">IMF</keyword> on Tuesday cut its global growth projection for 2022 largely due to the Russia-Ukraine war. </li><li>It now expects growth of 3.6%, lower than its previous outlook of 4.4%. </li></ul>The <keyword id="12472836" type="UNKNOWN" weightage="60" keywordseo="international-monetary-fund" source="Orion">International Monetary Fund</keyword> on Tuesday projected a sharp slowdown in 2022 economic growth worldwide as <keyword id="11894337" type="UNKNOWN" weightage="60" keywordseo="russia" source="Orion">Russia</keyword>'s war against <keyword id="11985141" type="UNKNOWN" weightage="60" keywordseo="ukraine" source="Orion">Ukraine</keyword> drives up energy prices and hurts the recovery from the COVID pandemic. The IMF now sees global growth at 3.6% this year, a cut from its 4.4% forecast issued in January and slower than the expansion of 6.1% in 2021. Beyond 2023, it expects global growth to decline to about 3.3% over the medium term. "The war in Ukraine has triggered a costly humanitarian crisis that demands a peaceful resolution," the IMF said in its <a href="https://www.imf.org/en/Publications/WEO/Issues/2022/04/19/world-economic-outlook-april-2022">World Economic Outlook</a> published after Russia invaded Ukraine on February 24. The deadly conflict was contributing to already high inflation, it said. "Fuel and food prices have increased rapidly, hitting vulnerable populations in low-income countries hardest." Commodity prices driven up by the war and broadening price pressures prompted the financial institution to lift its inflation projections. It sees inflation hitting 8.7% in emerging market and developing economies, and 5.7% in advanced economies. The previous outlooks had been 5.9% and 3.9%, respectively. <a href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a> and <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest">West Texas Intermediate crude oil</a> prices have shot up by close to 40% this year on supply shortage and embargo concerns involving Russia, a major oil producer. In the US, the surge in oil prices has pushed the national average for gas prices well past $4 a gallon. Leaping gas prices contributed to <a href="https://www.businessinsider.com/inflation-cpi-march-price-growth-report-gas-food-costs-climbing-2022-4">March headline inflation accelerating 8.5%</a>, marking the fastest increase since December 1981. The war is set to lead to contractions in both the Ukrainian and Russian economies in 2022.The IMF projected Ukraine's gross domestic product will shrink by 35% but said it's "impossible to obtain" precise measures of the damage from the war. "And even if the war were to end soon, the loss of life, destruction of physical capital, and flight of citizens will severely impede economic activity for many years to come," said the Washington, DC-based group. Ukraine's <keyword id="11893570" type="UNKNOWN" weightage="60" keywordseo="economy" source="Orion">economy</keyword> grew 3.4% in 2021. It sees Russia's economy shrinking 8.5% in 2022, with a further decline of 2.3% in 2023. "The withdrawal of foreign firms has hobbled many industries, including aviation, finance, software, and agriculture. As a result, the outlook remains bleak," it said.

The IMF slashes its 2022 global growth forecast as the Russia-Ukraine war inflicts significant economic damage

Weight loss drugs' messy rise: How Ozempic, Wegovy, and Mounjaro really affect patients &mdash; and what comes next 

<ul class="summary-list"><li>A movie director used Netflix funds to trade options and cryptocurrencies, The New York Times said.</li><li>"47 Ronin" director Carl Erik Rinsch bet on Gilead Sciences and dogecoin, and against the S&amp;P 500.</li></ul>A Hollywood director <a href="https://www.insider.com/47-ronin-director-squandered-netflix-money-for-sci-fi-series-2023-11">took millions of dollars</a> of production funding from Netflix and used it to trade stock options and cryptocurrencies, <a href="https://www.nytimes.com/2023/11/22/business/carl-rinsch-netflix-conquest.html" target="_blank" rel="noopener">The New York Times said</a> on Wednesday. Here's a closer look at what he reportedly did with the money.Netflix had already poured $44 million into Carl Erik Rinsch's troubled sci-fi series "Conquest" when he asked for more cash in March 2020. The streaming giant wired the "47 Ronin" director's production company another $11 million, the NYT said. The newspaper cited cast and crew members, emails, and court filings in a divorce case brought by Rinsch's wife in its story.Rinsch moved $10.5 million of the new funds into his personal brokerage account, and proceeded to make risky bets on stocks using options, the NYT said, citing copies of his bank and brokerage statements. He wagered that <a href="https://markets.businessinsider.com/stocks/gild-stock">Gilead Sciences</a> stock would soar, as the biopharmaceutical company had developed an antiviral drug for COVID-19, which was causing global disruptions at the time. However, Gilead shares only rose from the $70s to a peak of $84 in April, and didn't surpass that high until November last year.The director, who Netflix had contracted to create a sci-fi series about artificial humans, also bet the <a href="https://markets.businessinsider.com/index/s&amp;p_500">S&amp;P 500</a> would extend its COVID crash of 30%. However, the benchmark US stock index swiftly rallied from its mid-March low, and erased all of its losses within months.The upshot was that Rinsch lost about $6 million in the space of a few weeks, the NYT said. The red ink didn't stop Rinsch from transferring over $4 million to his account on the Kraken crypto exchange and buying <a href="https://markets.businessinsider.com/currencies/doge-usd">dogecoin</a>, the dog-themed token created as a joke.The high-risk purchase proved to be a winner. Dogecoin skyrocketed in value by roughly 10-fold, from $0.063 to $0.64, between early April and early May in 2021. Rinsch cashed in his dogecoin that month, boosting the balance on his account to almost $27 million, the NYT said."Thank you and god bless crypto," Rinsch said in an online chat with a Kraken representative.Rinsch splashed a big chunk of the windfall on luxury clothing and furniture, a Ferrari, five Rolls-Royces, and a Vacheron Constantin watch that cost nearly $400,000. His spending totaled $8.7 million, the NYT said, citing an analysis by a forensic accountant hired by Rinsch's wife.Netflix spent more than $55 million on "Conquest" but never received a single finished episode, the NYT said. The company is now engaged in a confidential arbitration with Rinsch, who claims the streaming platform broke its contract and owes him at least $14 million in damages. Netflix says it owes him nothing, per the NYT.Rinsch argued in a deposition that he bought the cars and furniture as props for his show, and paid for them using Netflix's production money. But in the arbitration he said the funds were his and Netflix was in debt to him as a result, the NYT said.Netflix and Rinsch didn't immediately respond to requests for comment from Markets Insider.

A Hollywood director took millions of dollars in Netflix funding and used it to trade options and crypto, report says. Here's a closer look at how he used the cash.

<ul class="summary-list"><li>Insurer <keyword id="12045877" type="UNKNOWN" weightage="60" keywordseo="allianz" source="Orion">Allianz</keyword>, one of the world's largest money managers, faces a German probe over huge losses at its US funds, Reuters reported Tuesday.</li><li><keyword id="12045879" type="UNKNOWN" weightage="60" keywordseo="bafin" source="Orion">BaFin</keyword> is investigating the Structured Alpha Funds, which suffered billions of dollars in losses during the pandemic-led market rout.</li><li>Investors have reportedly filed 25 lawsuits and are claiming $6 billion in damages from Allianz.</li></ul>German financial regulators are investigating Allianz after the insurance giant's US <keyword id="6355120" type="UNKNOWN" weightage="60" keywordseo="investment" source="Orion">investment</keyword> funds took a painful hit during the pandemic, <a href="https://www.reuters.com/business/finance/exclusive-allianz-under-investigation-germany-over-investment-funds-2021-09-07/">Reuters reported</a> Tuesday, citing people with direct knowledge of the matter. Allianz, which manages global assets worth around $2.9 trillion, already faces several other probes and US lawsuits related to the Structured Alpha Funds run by its <keyword id="12045878" type="UNKNOWN" weightage="60" keywordseo="allianz-global-investors" source="Orion">Allianz Global Investors</keyword> asset-management subsidiary.BaFin's investigators are looking into how much Allianz executives outside the fund division knew about the events there that preceded billions of dollars of losses.AGI was created a decade ago when Allianz separated it from bond giant PIMCO. Its Structured Alpha Funds cater to US pension funds for workers such as teachers and subway employees, and they were also promoted to European investors.The funds suffered heavy losses during the coronavirus-led March market rout, with some declining 80% or more. That forced the asset manager to liquidate two hedge funds, Structured Alpha 1000 and Structured Alpha 1000 Plus, both of which ran a derivates-based strategy, and were worth $2.3 billion at the end of 2019.The regulator's probe gained momentum after Allianz revealed an <keyword id="49112" type="UNKNOWN" weightage="60" keywordseo="investigation" source="Orion">investigation</keyword> by the <a href="https://www.allianz.com/content/dam/onemarketing/azcom/Allianz_com/press/document/Allianz-reassessment-risks-Structured-Alpha-Funds_EN.pdf">US Department of Justice</a> on August 1, according to the Reuters report. The insurer's board said at the time that matters relating to the Structured Alpha Funds could materially impact its future financial results.Allianz didn't immediately respond to Insider's request for comment.Investors have filed 25 lawsuits against Allianz and are requesting $6 billion in damages, claiming that it deviated from a strategy of providing downside protection during crashes, according to reports.Read More: <a href="https://www.businessinsider.com/china-regulatory-crackdown-expert-investors-analysts-2021-8" target="_blank" rel="noopener noreferrer">Big-name investors are turning to these 10 experts to make sense of China right now</a>

PIMCO parent Allianz is under investigation by German regulators after its US funds racked up billions of dollars in losses

<ul class="summary-list"><li>Developing nations won <a href="https://www.businessinsider.com/us-agrees-help-poorer-nations-address-climate-change-at-cop-27-2022-11">creation of a "loss and damage" fund</a> for climate disasters.</li><li>Fossil fuel interests prevailed, with countries walking away with few new plans to curb pollution.</li></ul>In the end, no one got everything they wanted at the United Nations' climate summit. Climate diplomats left Sharm el-Sheikh, Egypt, with <a href="https://unfccc.int/sites/default/files/resource/cp2022_L19_adv.pdf?utm_medium=email&amp;_hsmi=234622828&amp;_hsenc=p2ANqtz-9O7XMfQOaEyzVLlGOWyxiodwb0XJGFPQgft7aI7Nz-0QfzA4zFrQll0GzLZ5i8YePQ9lucpGmPxRkPg6JvnTaxXSeRvg&amp;utm_content=234622828&amp;utm_source=hs_email">a historic deal</a> — 30 years in the making — for rich countries to pay developing nations for the damages they are already facing from a warming planet. But the negotiators who gathered in the resort city along the Red Sea failed to hammer out a more aggressive plan to curb the greenhouse gas emissions that are driving the crisis. Nearly 200 countries on Sunday agreed to set up a "loss and damage" fund after weeks of negotiations and more than 36 hours after the annual climate meeting had been slated to end. The issue was described as the litmus test of a successful COP27 by developing nations and UN Secretary-General António Guterres, especially given the summit's location on the African continent, where people are most vulnerable to climate change yet have only contributed about 3% of global emissions. "This COP has taken an important step towards justice," Guterres said. "But let's be clear. Our planet is still in the emergency room. We need to drastically reduce emissions now — and this is an issue this COP did not address. A fund for loss and damage is essential, but it's not an answer if the climate crisis washes a small island state off the map or turns an entire African country to desert." Here's a rundown of the progress world leaders did — and didn't — make in Egypt: Progress: A win for developing countriesCreating a fund to help vulnerable countries when disaster strikes marked a major breakthrough given that only a year ago the US and the European Union were opposed to the idea out of concern they'd be the hook for trillions in financial liabilities.The Biden administration changed its position ahead of COP27 and supported putting the issue on the formal agenda and Europe was key in brokering the final deal with small island states. The agreement follows a decades-long push by a coalition of developing nations known as the G77+ China. Pakistan, which led the group this year, became the poster child for the impacts of the climate crisis after monsoon rains and flooding last summer inundated one-third of the country, killed more than 1,700, and caused an estimated $30 billion in damage.The specifics of what countries will pay still need to be hashed out over the next year, with John Kerry, the US climate envoy, calling on China to contribute. That country, despite being the world's largest polluter, is considered a developing country by international institutions and therefore isn't obligated to contribute to climate finance. Over the course of the two weeks of COP27, Germany, Belgium, Austria, and Scotland committed at least $200 million combined for loss and damage. Disappointment: Oil and gas prevailsAn effort led by India to call for the phase out of fossil fuels stalled despite attracting more support than ever. Mentioning "fossil fuels" in the agreement out of Sharm el-Sheikh would have gone a step further than <a href="https://unfccc.int/sites/default/files/resource/cop26_auv_2f_cover_decision.pdf">The Glasgow Pact</a> struck at last year's UN climate summit in Scotland, which only singled out "unabated coal" — coal that isn't paired with carbon-capture technology to control emissions. There was no mention of oil and gas, which is where things remained after COP27.The outcome wasn't surprising, considering that during the talks in Egypt officials from oil-producing countries like Saudi Arabia and United Arab Emirates said they would continue supplying the world with the fuel for as long as needed. On top of that, the fossil-fuel industry <a href="https://www.businessinsider.com/lobbyists-push-methane-heavy-natural-gas-un-climate-summit-cop27-2022-11">had more representatives at the conference than any single nation</a>, except the UAE, which is hosting next year's talks in Dubai. Leaders from some African countries are <a href="https://www.businessinsider.com/africa-hosting-climate-talks-and-a-ton-fossil-fuel-projects-2022-11">eager to supply oil and gas to Europe</a> to fill a gap left by Russia after its invasion of Ukraine.The deal did call for an increase in renewable energy and "low-emissions energy," although the latter raised some concern among climate advocates about it opening the door to more natural gas. Natural gas produces about half the emissions of coal when burned, but its main component is methane. The pollutant has 80 times the warming power during the first 20 years it's in the atmosphere though it doesn't last as long as carbon dioxide.Renewable energy got one major boost from Indonesia, just not at COP27. <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2022/11/15/indonesia-and-international-partners-secure-groundbreaking-climate-targets-and-associated-financing/">At the Group of 20 summit in Bali</a>, the world's third-largest coal producer pledged to peak emissions from its power sector by 2030 under a new $20 billion deal with the US, Japan, and other rich nations to boost clean energy.Disappointment: The planet is still getting too hotWorld leaders arrived in Sharm el-Sheikh with plans that put the world on track to warm by 2.4 degrees Celsius above preindustrial levels this century, <a href="https://www.unep.org/resources/emissions-gap-report-2022">according to the UN</a>. That would blow past a 1.5-degree target under the Paris agreement, which climate scientists say could avoid the most devastating impacts. During COP27, several countries, including Mexico and Egypt, set more aggressive targets to reduce emissions by 2030. It sounded promising when Turkey announced it would do the same, but <a href="https://www.bloomberg.com/news/articles/2022-11-15/turkey-s-climate-plan-points-to-32-rise-in-emissions-by-2030">Bloomberg reported</a> that the plan actually allows the country to more than double carbon dioxide emissions compared with 2020 levels.None of the promises are enough to keep global warming in check. If emissions remain at current levels during the next nine years, there is no chance of meeting the 1.5 degree goal, <a href="https://essd.copernicus.org/articles/14/4811/2022/">researchers found</a>. The use of oil and cement drove an increase in emissions in 2022 over the previous year, mainly in the US and India.

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