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Trading Risk December 2019

  • 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.
  • 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.
  • Swiss Re ceded an additional $900mn of risk to the alternative reinsurance market in 2019.
  • RenaissanceRe CEO Kevin O’Donnell estimated the market took $12bn of losses and brought in $20bn of new capital in 2017.
  • 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.
  • Sources are expecting some $5bn-trigger second-event covers to pay out as a result of the Typhoon.
  • 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.
  • 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.
  • People moves in the ILS market December 2019.
  • 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.
  • 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.
  • 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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