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Some $1.2bn of limit was placed in the cat bond market this week. -
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.
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Former ILS investors who left the space have looked again and re-allocated.
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Fidelis is seeking more cat bond cover than it did almost a year ago.
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Lloyd’s has taken around 6% of aggregate US hurricane losses in recent years, and disclosed estimated net losses from Helene and Milton of $1.8bn to $3.4bn.
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The 2024 hurricane season stayed within predictions for high activity but lacked market-moving events.
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The latest clutch of offerings indicates pricing discipline in the bond market.
