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Scor is targeting limit of $200mn with its latest Atlas DAC retro cat bond.
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Many UK pension funds are over-funded and lack appetite for higher-risk, higher-yield products.
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Cat losses last month were lighter than historical trends, but all eyes are on Q1 figures.
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Caution about capital markets volatility is leading sponsors to stagger bond renewals.
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The ILS segment is not ready to gloss over loss-heavy years in renewal discussions.
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Sources warned some property XoL books are already running 50% loss ratios.
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Flood Re’s bond Vision 2039 bucked the trend by pricing up 7% as its secured £140mn ($174mn) of limit.
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Some $625mn of new issuance entered the market in the first week of March.
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Deal sizes increased by 84% on average across the six tranches that saw an increase.
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Climate change and other loss impacts were not adequately incorporated, sources said.
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Pricing fell by 13.5% on a weighted average basis across deals that updated last week.
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A higher loss quantum will put a greater burden on retro programmes.