Issues
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Social inflation is not just a Florida issue – it's also top of mind in the casualty market.
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People moves in the ILS marketplace
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Rates jumped in aerospace after recent costly losses.
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The (re)insurance and ILS industry has headed into a new decade in a spirit of change – as can be seen across multiple lines of business.
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Quota share and aggregate-property cat contracts are under watch as a result of the recent Australian bushfires but occurrence covers will probably remain mostly unscathed, sources expect.
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New issuances fell to the lowest level since 2011, amid an uptick in risk levels and US exposures, according to Trading Risk data.
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Reinsurers pegged 2019 nat cat losses 23 percent lower than the 10-year average, but prior-year disasters created headlines.
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Cat bond fund returns rebounded in 2019, with widely divergent experience among ILS funds investing in private instruments.
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The reinsurance fund manager is targeting expansion outside the catastrophe space with private funds.
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Intermediaries called the renewal “asymmetric” and “divergent” as rates began to move up after a pressured few years.
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Amid an uncertain year for the life insurance segment, mortality and value-in-force transactions remained the mainstay of life ILS managers as fundraising tapered off after a 2018 growth spurt.
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Lead insurers on Aon’s flagship $300mn broking facility have renewed their participation with a reduction in fees, according to sister publication The Insurance Insider.
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Swiss Re ceded an additional $900mn of risk to the alternative reinsurance market in 2019.
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RenaissanceRe CEO Kevin O’Donnell estimated the market took $12bn of losses and brought in $20bn of new capital in 2017.
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The main disrupted segments are still aggregate retro and sidecar vehicles, where negotiations over the level of trapped capital have held up the renewal process.
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Sources are expecting some $5bn-trigger second-event covers to pay out as a result of the Typhoon.
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Issuance has picked up in the third quarter of the year with a number of large sponsors including Everest Re and Axa XL entering the market in the fourth quarter.
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The 2010s are about to end and over the past decade the ILS market has gone through an adolescent growth spurt – heading into 2020 as a far bigger and more complex entity than it was.
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People moves in the ILS market December 2019.
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Willis Towers Watson has tipped that greater focus will be drawn to ILS domiciles and structures in 2020 amid an “unusual amount of innovation” from existing and emerging jurisdictions.
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Brit has confirmed further details of the structure of its new Lloyd’s specialty fund, which will take a whole account slice of risk from its Syndicate 2988, using a corporate member investment structure.
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Most people describing the ILS manager world might break the peer group into three broad categories: reinsurer-affiliated platforms, independent owner-operated firms and asset manager-backed vehicles. Does the market need another category?
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This year has arguably been the peak stress point for the ILS industry in the 2017-2019 post-Hurricane Irma years, despite the fact it has been the lightest of the three years for catastrophe losses.
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There is a growing confidence that the storm will remain below the $10bn.
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The settlements must be approved by California’s governor as well as court judges to enable the utility to exit.
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Australian investors were among the ILS pioneers and some speculate that consolidation of Australian pensions into mega funds could help grow the industry’s local presence further.
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Overall reinsurance capacity is becoming harder to source for InsurTechs.
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Cat specialists RenaissanceRe and Everest Re took the highest proportional hit to equity from the Q3 disaster losses, which resulted in an average cost equivalent to 1.7 percent of shareholders’ equity.
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Any lack of retro support could push reinsurers to reduce their gross footprint in the Sunshine State, suggested Validus Re's Chris Silvester.
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The sovereign wealth fund for the United Arab Emirates has allocated more than $0.5bn to the sector, sources said.
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Insurers are heading into an “age of specialisation” that could see them engage more with the ILS market to carry out “risk pooling” of their portfolios, alongside other activities such as claims administration that are increasingly parcelled out, suggested GC Securities head of ILS Shiv Kumar at a panel debate at the ILS Bermuda Convergence event last month.
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It will be many months before the $11bn payout agreed between Pacific Gas and Electric Company (PG&E) filters through to the (re)insurance and ILS markets, with this lump sum likely to benefit some parties more than others.
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ILS Capital Management is looking at converting its collateralised reinsurance company to a rated balance sheet, the firm’s managing partner Tom Libassi said at the Trading Risk New York conference.
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Tokio Marine’s $3.1bn bid for high-net-worth (HNW) insurance specialist Pure represents a bid on the growth prospects of the segment, sister title Inside P&C argued in a recent analytical note.
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A group of ILS funds tracked by Trading Risk produced more robust returns in Q3 compared to last year’s third quarter, despite Typhoon Faxai and Hurricane Dorian.
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A drive to offer standardised Lloyd's ILS products must be balanced against the need to be flexible, market participants have said.
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The Bermudian ILS manager has been active in the primary segment since 2017.
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Despite continuing Irma losses, retro availability could be a stronger influence on 2020 renewals, suggested one Florida insurer.
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People moves in the ILS market November 2019.
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LGT ILS Partners is now transacting 70 percent of its reinsurance book on a rated basis through its A rated Lumen Re platform, partner and portfolio manager Michael Stahel has confirmed.
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New Zealand’s sovereign wealth fund posted a 2 percent drop in its ILS holdings over its financial year while Ontario Teachers’ Pension Plan and Caisse de dépôt et placement du Québec invested $500mn in a new insurance investment platform.
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Multinational measures have helped to close the insurance protection gap in Asia.
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California has become the “loss leader” of the homeowners’ insurance market, according to a new Aon study.
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Panellists at Trading Risk’s conference in New York said they were adopting a wait-and-see approach to Lloyd’s Blueprint One proposals intended to make it easier for ILS managers to participate in the market.
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The $1bn syndicate signals a move from the carrier to leverage the ability to share risk at the Corporation.
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Access to risk has been the biggest driver of M&A deals for independent ILS funds, TigerRisk Capital Markets & Advisory co-CEO Jarad Madea said at Trading Risk’s conference in New York last month.
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The World Bank is working on a pipeline of catastrophe risk transfer deals as well as looking into new perils, according to the organisation’s head of derivatives and structured finance, Michael Bennett.
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Amid the information overload of results season, “man-made catastrophes” appear to be the main emerging theme – albeit manifesting in two very different ways.
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As more ILS managers look into setting up rated platforms, commentary from two of the latest firms considering this move highlights the variety of motivations that are driving the trend.
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The EUR45mn ($49.50mn) Atmos Re I cat bond from Unipol is likely to lose nearly 50 percent due to severe weather events in Italy, according to sources.
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Experts have forecast that the cat bond market will rebound heading into 2020 following low issuance this year, with a diverse crop of maturities likely to drive more favourable dynamics for sponsors.
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The availability of new capital – or the lack thereof – was a hot topic at the Monte Carlo Rendez-Vous.
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The RBS pension scheme increased its allocation to insurance in 2018, including catastrophe and life insurance risks, according to its most recent annual report.
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The retro market needs to deliver better transparency to attract investors, but a roundtable of senior executives was split on the outlook for the roughly $20bn market.
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The number of assignment of benefits claims in Florida increased by 40.9 percent year on year in June before the implementation of the state’s new laws designed to stamp out abuses of the system.
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Pacific Gas & Electric Company has inked its $11bn wildfire insurance subrogation claims deal and criticised an alternative plan put forward.
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The lift in ILW pricing seen at mid-year has been unilateral across most products and was a further increase on the 2018 pricing correction following 2017 events, according to Aon.
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Sidecar renewals have already begun kicking into gear with new potential sponsors and buoyant demand expected.
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