Renewals
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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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Competition for remote risk deals intensified as more capital has targeted the swathe of business that has historically been the heartland of ILS.
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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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Reinsurers are making some adjustments to secure target signings but appetite to grow is finely balanced.
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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.
Most Recent
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Louisiana Citizens bond Bayou Re upsizes 83% to $275mn
19 April 2024 -
Allstate pegs March pre-tax cat losses at $328mn
18 April 2024 -
PFZW’s ILS allocation drops 9% in Q1 to $8.3bn
18 April 2024