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As ILS premiums tumbled in the first half of 2013, market commentators described the phenomenon as a "decoupling" of cat bond prices from the traditional reinsurance market.
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Opportunistic retro purchasing helped many (re)insurers cut back their exposure to major catastrophe events as they headed into the peak North Atlantic windstorm season.
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Claire Souch, vice president of Model Solutions at RMS, explains the vision behind the RMS(one) platform and what changes the company believes it can make to ILS fund managers and reinsurer underwriting teams
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2013 is shaping up to be the strongest year for cat bond activity in six years, with a record-breaking $4bn of new issuance having been brought to market by the end of June - topping the $3.8bn issued in the first half of 2007
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Brokers have increased their grip on cat bond distribution in the past couple of years, according to statistics compiled by Trading Risk
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The number of unrated cat bonds has increased sharply in 2013 as sponsors forego the expense of seeking a rating
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ILS fund managers have perhaps never faced a more challenging time to keep their capital inflows in pace with investment opportunities, despite making significant inroads into the property catastrophe reinsurance market and with ILS issuance on track for a bumper year
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Florida Citizens Property Insurance was a stand-out example of the alternative reinsurance market lifting its market share at the 1 June renewals, as hedge fund-backed reinsurer DE Shaw and Bermudian fund manager Nephila Capital put down significant lines of capacity on the state insurer's traditional reinsurance programme.
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Reinsurance quoting activity stabilised in Florida at the 1 June renewal after much more volatile pricing conditions in 2012 and 2011.
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Reinsurance buyers continued to look for greater aggregate or sideways cover at the mid-year renewals - a trend that works to the strengths of capital market reinsurers as they continue to lift their market share.
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Sidecar fees remain above the standard rate for ILS fund managers but are also coming under pressure in a softening property catastrophe market, Trading Risk understands.
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The capital markets undoubtedly dampened rate conditions at the 1 April renewals and are also having a "dramatic" influence on expected pricing at the June and July renewals, according to GC Securities' review of first quarter activity in the ILS market.