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Trading Risk February 2018

  • Mercer Investments principal Robert Howie said that single-digit reinsurance rate increases may be attractive to ILS investors given the performance of other asset classes.
  • Markel Catco's "eye-catching" hike to its wildfire loss reserves in its December monthly report implies that the Californian disasters triggered the firm's "floating back-up" pillars, according to a Numis analyst's note.
  • Securis and StarStone have agreed a partnership that will expand the ILS manager's US property insurance portfolio, Trading Risk has learned.
  • Guy Carpenter told Trading Risk that rate increases on retro business ranged from 5 to 25 percent on a risk-adjusted basis, with pricing dependent on loss experience.
  • The 2017 calendar year was the costliest on record for weather events, with insured losses estimated at $132bn, according to Aon Benfield's Impact Forecasting.
  • Losses from US primary habitational and coastal hotel accounts have driven pockets of localised hardening in the US commercial property insurance market, with rate increases of as much as 70 percent for some risks.
  • ILS spreads have widened in the mid-to-high teens range after last year's losses, Swiss Re Capital Markets estimated in its latest quarterly market report.
  • Former Novae direct and facultative (D&F) head Nik Lucking is to lead Barbican's new property D&F underwriting platform in Bermuda.
  • Aspen Insurance CEO Stephen Postlewhite has left the company, the Bermudian carrier said in a statement last month.
  • First quarter cat bond issuance has already reached $1.56bn after the World Bank's Latin American earthquake cat bond upsized to close at $1.36bn, according to Trading Risk data.
  • Bermuda-based (re)insurer XL Catlin placed more than $500mn of new catastrophe limit for 2018 and increased alternative market retro support to more than $3bn, as ceding strategies among major carriers diverged following last year's losses.
  • Abuse of side pockets in the financial crisis - when hedge funds locked in investors to avoid having to sell off discounted assets - has made the practice less palatable in the wider financial markets.