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Some $415mn of capacity entered the market last year.
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Exposure updates played a greater role than expected.
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The outlook for M&A activity is brighter after 2023 returns.
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The carrier is designing an investable portfolio of long-tail risk.
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Sponsors still secured terms that were favourable relative to traditional cover.
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Aside from the one-year view, 2023 remixes the track record.
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The conflict between US and Bermuda legal systems offers no easy route for counterparties to fraud-impacted transactions.
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Of the 18 top-tier ILS managers, 10 recorded growth, while eight were flat or down.
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Typical ILW attachment points for US peak perils have fallen from $60bn to $40bn-$50bn as the market awaits the final Hurricane Ian number from PCS.
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The sidecars segment has been attracting inflows after returns hit a high note in 2023.
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Broker-dealers' year-ahead forecasts have undershot total final issuance in three of the last five years.
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Reinsurers are making some adjustments to secure target signings but appetite to grow is finely balanced.
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Projected 2024 ILS returns remain historically high, but signs of increased appetite for top-layer cat risk and top-end retro raise questions over how long this will last.
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New and returning sponsors, diversifying European wind risks and early placement of US hurricane coverage all helped new issuance to smash market expectations.
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Anticipations of a tug-of-war around a ‘flat to slightly up’ pricing renewal have indeed come to fruition.
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The year brought a degree of closure on the loss-hit years of 2017-2021, while the outlook remains changeable for ILS managers.
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ILS managers are still waiting for hard market growth.
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Analysis by Lane Financial concluded that ILS returns will likely be double-digit-to-high-teens in 2024.
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With more ILS managers chasing the popular bond space, how will new operators differentiate themselves?
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A strong outlook for sidecar profits in 2023 is rebuilding investor confidence but one to three years of good performance will be needed to sustain it more fully.
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Experts at the Trading Risk New York conference emphasised in-built cyber risk protections from defences to exclusions, as ILS managers grapple with understanding the peril.
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Cat bond investors are sufficiently capitalised to fulfil demand from an anticipated strong pipeline of new issuance in Q4.
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ILS capacity in the form of retained earnings and new inflows is shaping up to meet growing demand for reinsurance and retro coverage.
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The broker studied the impact of 14 major cyber events in its attempt to dispel ILS manager fears of a ‘double whammy’ cyber event that would also impact financial markets.
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The supply-demand dynamics are all pointing in ILS markets’ favour, so long as hurricane season goes quietly.
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The ratings agency has said ILS firms could encounter “pent-up demand” from cedants during the January 2024 renewal.
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Hurricane Idalia is still live, but the storm’s track reassured market participants that it will be a relatively minor loss.
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If the assets of the cell form part of the Vesttoo estate, this may impact the priority of returning associated capital to cedants.
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Total reinsurance capital will climb to $560bn, ahead of last year but behind the 2021 peak of $570bn.
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The industry’s ability to draw new capital will hinge on the outcome of the Atlantic hurricane season.
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Loss estimates from Aon, Gallagher Re, Swiss Re and Munich Re all point to a significant component of severe convective storm losses.
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Most forecasters now predict above-average storm activity for the Atlantic as a result of record-high sea-surface temperatures.
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At least six aggregate bonds offering convective storm cover have been marked down by around an average of more than 20% on the secondary market.
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Risers and fallers emerge within peer group of larger ILS firms, with Twelve Capital and Pillar the fastest growing in H1.
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Insurance Insider has gathered data on geographical areas prone to cat events, which are outside of southeastern US states, that keep weather experts awake at night.
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The company’s targeted Vescor cat bond would have provided collateral to meet auto and other obligations, but there were multiple structural points of risk for investors.
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