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The expected spend is around 33% higher than Twia had budgeted.
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The suggested update to the PML is $2bn higher than last year.
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The carrier also set out detail on its alternative solutions offering.
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European rates on line increased by 7.60%, while in the US prices were up 5.25%.
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The $7bn initial attachment point has remained unchanged from last year.
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Of $17bn that entered the market in the 15 months to 31 December, 40% was channelled into ILS vehicles.
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CFO William McDonnell said reinsurance market stabilisation in 2023 allowed the firm to buy more protection than expected.
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The broker’s report also hailed the best risk-adjusted margins for ILS investors in a decade.
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The broker’s 1st View report predicted that cat bond issuance should remain elevated until at least Q2 2024.
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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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The TWIA board has fired the starting gun on the process to place its reinsurance programme incepting June 2024.
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The P&C Re CEO discussed Swiss Re’s P&C appetite and nat cat exposure in the investor presentation.
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The ILS sector grew in the context of 0% interest rates historically.
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Demand is expected to boost the ILS market growth.
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The firm’s 1st View report on the July renewals also flagged that an oversupply of ILW capacity may bring down attachment points relative to early 2023.
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The broker estimated global reinsurance capital rose by $30bn over the first quarter, with a 7% uplift in alternative capital and a 5% recovery to traditional equity.
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The organisation bought $1.4bn of reinsurance at 1 April.
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This year’s program – sealed with a panel of 78 reinsurers – includes $875mn of multi-year ILS capacity providing diversifying collateralized reinsurance capital.
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The pace of rate hikes will ease back from the 1 January reset as buyers seek to lock up capacity early after last year’s dislocated renewal.
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Aon expects depleted shareholder equity to be restored over time via higher retained earnings and the ‘pull-to-par’ effect of bonds approaching maturity.
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Cat bond pricing has fallen by about 12% since year-end but margins are still strong enough that the market could be set for meaningful growth, the broker forecast.
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The real test for cat capacity will come at the mid-year point, according to Gallagher Re.
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The cat bond market is thought likely to receive an outsized portion of any capital inflows.
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CEO Locke Burt said Florida reforms would be “transformational” and that investors had become more receptive to cat risk owing to higher rates.
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