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As fires still rage, many fear early $10bn-$20bn estimates were too optimistic. -
Aetna, Inigo and GeoVera were the three sponsors seeking lower multiples.
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Compressed cat bond spreads could drive some rebalancing, as M&A remains a prospect.
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The forecasts anticipate a large volume of maturities and rising sponsor demand.
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First-time sponsor QBE secured $250mn of quake and storm coverage.
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Some $1.2bn of limit was placed in the cat bond market this week.
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Casualty ILS made inroads, while hurricane hedging strategies came into focus.
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Mapfre Re CEO Miguel Rosa was “very satisfied” with the debut cat bond deal.
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Overall, reinsurers accepted that rate cuts were still leaving them with strong margins.
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Full year 2023 set the record to beat of $15.8bn in new issuance volume.
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The top quartile, which includes Nephila 2357, were set to shrink overall.
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Beazley returned with its second Fuchsia cat bond issuance.
