ILWs
-
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.
-
The investment firm said cat bond spreads that are elevated relative to historical levels continue to offer an attractive entry point for investors.
-
The deal was brokered by Gallagher Re and provides US cyber insurance event protection.
-
In its semi-annual report for the six months to 31 July 2023, the manager said the fund had returned 2.74% over the half-year.
-
The bond provides coverage for North America storms and earthquakes, as well as European windstorms.
-
The Swiss direct risk transfer platform will use the funds to help grow its team and develop products.
-
For larger top-end ILW triggers, cedants may have to be pragmatic on rolling over capital.
-
The 1 June renewal posed challenges for Florida insurers seeking reinsurance cover.
-
Rates have climbed 20%-35% since 1 January, and 40%-50% year on year, sources estimated.
-
Despite a move away from non-official indices, global ILW trading is still sometimes relying on a patchwork of triggers.
-
There is a lack of capacity for aggregate deals, and moves towards more named peril coverage.
-
The ILW-focused fund has continued expanding after generating 6.4% returns last year.
-
As the renewal is expected to spill over into 2022, the two-speed market will put pressure on retro-reliant carriers.
-
The listed mutual fund will be overseen by new recruit Niall MacGillivray.
-
One market participant said the strategy was $250mn in size, but it is not known how much business it has so far written.
-
The reporting agency for industry loss triggers has been expanding territories and natural peril coverage over time.
-
Sources told Trading Risk that a different kind of investor was interested in ILWs compared with retro cat bonds.
-
Richard Anson previously served as head of ceded reinsurance at Antares and reinsurance manager for Aviva.
-
There is little sign of retro demand returning after buyers cut back in January.
-
The worldwide aggregate ILW bond covers an unusually wide range of perils for the cat bond sector.
-
The former Bermuda Brokers and JLT Re broker says ILW appetite is expected to remain strong after benefitting from pandemic trading activity.
-
The transaction takes total private cat bond issuance tracked by Trading Risk to $461mn for the year, outstripping 2020 totals.
-
The Bermuda (re)insurance firm will pay a final spread on the deal of 675 basis points (bps).
-
The manager says cedant demand is growing for larger transactions.
Most Recent
-
Lloyd’s London Bridge could add $1bn in the coming year
28 March 2024 -
Profits soar for Nephila syndicates 2357 and 2358
28 March 2024 -
Beazley to offer additional follow capacity via Ki
28 March 2024