ILWs
-
Increased ILW purchasing reflects cash-rich funds looking to protect return levels.
-
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.
-
The firm has seen interest in non-named storm covers after last year's derecho and other loss events.
-
The investment bank is focused on developing new parametric products for the reinsurance market.
-
US contracts are still pricing at a 10%-15% premium to January 2020 levels, but excess retro capacity may impact the smaller market.
-
Net assets have grown 5% year-on-year to $876mn as of 31 October 2020.
-
Target investments could include cat bonds and other reinsurance, though the allocation size is unknown.
-
The fund also grew its net assets by 15% to about $142mn.
-
The start-up will run three auctions on Tuesday ahead of Hurricane Sally reaching the US coast.
-
Total equity and debt raised this year if the $300mn target is reached would approach $1.5bn.
-
ILWs at the $10bn mark failed to clear, as auction participants suggested losses would not reach the trigger.
-
Buyers and sellers are eyeing a 20% RoL, but contracts have yet to trade.
-
Buyers are looking to protect against a mid-sized loss, although trades are not believed to have taken place yet.
-
The $3.9mn claim followed an August revision to the PCS Irma loss estimate.
-
The hedge fund has asked that a US court order Catco to apply a loss estimate from PCS, rather than an allegedly “inaccurate” one from Munich Re NatCat.
-
The climate and insurance entrepreneur is considering relaunching catastrophe exchange-traded products.
-
The Bermudian ILS manager closed some months ago.
-
Trading was brought forward this year and more cedants could head to bond market.
-
ILW volumes could grow by more than 25 percent in 2020 as reinsurers seek alternatives to indemnity retro cover, sources said.
-
The Markel co-CEO said the firm was warehousing retro risk until it raised capital for new platform Lodgepine.
-
The dispute centres on ILWs that used Munich Re loss estimates as their trigger.
-
The broker said Covid-19 industry claims should be manageable but the disaster makes a broader capacity squeeze more likely.
-
The marketplace said $87mn in capacity was offered in the past week's auction.
-
Tremor’s CEO said the “(re)insurance market must remain open for business” during this turbulent period.
-
Most Recent
-
ILS Advisers index gains 0.85% in March
03 May 2024 -
Perils ups Storm Ciaran estimate to EUR2.04bn
03 May 2024