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A trend for slightly riskier bonds has brought with it a rise in the absolute margin on offer.
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The cat bond market is thought likely to receive an outsized portion of any capital inflows.
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Beazley executives spoke of further growth prospects in the class, after its results revealed a 79% combined ratio for its cyber division in 2022.
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A canvass of Lloyd’s market executives generated an expected combined ratio of 92%-93% for 2022.
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Reinsurer-owned ILS platforms were challenged to grow fee income in a tough year for nat cat losses and as cat market economics shifted.
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The reinsurer said in its Q4 earnings call that Argo’s takeover further diversifies its operations and adds a foundational piece to its expanding P&C activity in the US.
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The two top-performing funds in 2022 were interval funds.
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Following rate increases at 1 January, projected fund returns for 2023 are up several points year on year, with a boost also from higher Treasury rates.
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Early evidence is leading the (re)insurance market to hope the storm can avoid the development curve of its 2017 predecessor Hurricane Irma.
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The headline market drop in AuM belies a more lively growth story for funds operating outside of the ILS major league.
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Beazley’s bond was hailed as a “great first step” but challenges remain, although others are already working on narrower cloud outage transactions.
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The sidecar has been taking on more cyber risks in recent years, sources said.
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Their view that “investors have never had it so good” speaks of a market in an upbeat mood as of January.
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Potential rotation of the investor base, along with continuing evolution in ESG and non-cat products, are set to be themes for the upcoming year.
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Key themes of the renewal that resonated across the ILS investor base include the elevation of attachment points, though lack of take-up of named perils coverage may disappoint some.
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Cedants are grappling with rising rates while coverage narrows.
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The market is characterised by rising prices and shrinking deal sizes as investors pick and choose over which bonds to back.
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Tension is emerging at the reinsurance level over the retrenchment from all-perils coverage, which previously offered ‘sleep-easy protection’.
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The European cat market is hardening faster than expected but the process is being delayed by ongoing negotiations over retro protection and varying lists of reinsurer demands to improve terms.
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Hurricane Ian’s legacy will undoubtedly lead to some shake-ups in the ILS sector, with ongoing progression outside cat and ESG strategies likely to be a focus.
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Investors are in the driving seat and able to ask for improvements such as higher extension spreads.
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Expansion is set to be a trend across Lloyd’s as syndicates look to capitalise on a hardening market.
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Initial loss estimates for the last quarter show lower hits to equity than observed after hurricanes Harvey, Irma and Maria five years ago.
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Some firms have fared better than others in the competition to raise funds during the year.
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