AJ Gallagher
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The broker estimated ILS capacity reached a record $107bn as cat bond interest surged. -
The broker said it did not anticipate a slew of new entrants, with the possible exception of casualty start-ups.
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ILS capital so far is viewed by sponsors as strategic rather than essential.
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Sources said that Gallagher Re had ‘first mover’ advantage as the exclusive broker.
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Torrential rain caused flash floods in the Gulf States in the middle of April.
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The cat bond will provide coverage across multiple territories in Europe.
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The second part of the PoleStar Re issuance takes the bond's total volume to $300mn.
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Diversification in perils and regions can help the market grow.
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Insured loss for Q1 was 10% higher than the decadal average of $18bn.
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Retained earnings resulting from reduced loss activity also helped to boost ILS capital.
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Reinsurers have a "strong desire" for growth, but not at the expense of underwriting.
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This came as the broker earmarked “material softening” of minimum traditional rates on line.
