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ILS managers have pioneered externally managed rated carriers, but have done so with cost-consciousness in mind.
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Reinsurers congregating in Bermuda flagged a lack of interest in helping under-capitalised Floridian insurers and under-priced diversifiers, with positive implications for ILS participation.
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Fermat’s John Seo divided the potential incoming capital broadly into “fast” and “slow” capital.
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Should reinsurers retain the option of playing in ILS, or take a ‘go hard or go home’ approach?
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The outcome over the debate on narrowing cat reinsurance coverage will not be an all-or-nothing bet, with all perils deals with exclusions not a polar opposite of named perils coverage.
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Several structural factors, including the pricing cycle, make insurers more insulated from US activist states.
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High-yielding alternatives are taking away attention from this sector, with its complex narrative around recent losses, and diversification only goes so far in selling its story.
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Announcements and interviews at the UN conference have shed light on the tools emerging to help carriers decarbonise their underwriting portfolios.
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Major questions confront the industry after Hurricane Ian, but no matter the answers, certain outcomes are inevitable.
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Buyers are more open than ever to different sources of capacity, but the timing of entry will not be on the industry’s terms.
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Some are suggesting a rotation of the investor base may be underway, with a move back towards more opportunistic funds.
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Ratings agencies suggest that carriers must do better on controlling volatility – but diverging risk appetites give the lie to the idea that the industry is walking away from risk.
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As the ILS market heads back to the office after summer breaks to get stuck into a busy conference season, we recap our top summer features and news coverage that you won’t want to miss.
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In the absence of a major tactical shift from Demotech, will the reinsurers become the de facto selection party determining which domestics survive?
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Market orthodoxy suggests cross-class reinsurers secure more leverage – but are there too many implicit offsets in this game?
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Collaboration should help protect against greenwashing fears but the industry should start with leaving behind the issue of the sector’s “inherent ESG” appeal.
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With reinsurance availability scarce and costs rising, several carriers have called an interim halt to new homeowners’ business.
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The carrier has shared insurance and reinsurance risk with ILS partners in the past, but the ILS team reports to Axis Re CEO Steve Arora.
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In certain areas more collaboration is needed but in others the market will continue to get more diverse as investors respond to post-Irma challenges in differing ways.
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Even though underlying ILS market conditions are improving, getting a hearing from investors could become harder.
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Catastrophe reinsurers are already off to a messy start for the year and may have eroded a significant part of their year-to-date Q1 cat budgets as floods are still unfolding in Australia following recent European/UK windstorms.
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Absent more significant reform, any changes this year look set to simply shift the timing of burdens falling on the public purse.
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Many investors are in a “hold and assess” pattern on ILS, but some changes in the broader landscape could be more positive for the industry.
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Greater participation of cat bond investors in the retro market has some advantages alongside the risks.
Most Recent
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Swedish funds AP2 and AP3 disclose mixed ILS fortunes
31 March 2023 -
Allianz names Park as global head of retro
31 March 2023 -
Florida Citizens seeks average rate hikes of 14.2%
30 March 2023