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Traditional reinsurers such as Berkshire Hathaway and Arch pushed for more share, our annual study of Florida cessions shows. -
Longleaf Pine Re priced, while spreads on Everglades Re deal moved higher.
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Spreads could continue widening throughout the rest of the year.
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Cession ratios declined at three of the four publicly listed Floridians.
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Rates are still materially higher than pre-pandemic and lower layers are holding firmer.
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The Mexican government’s IBRD quake bond priced 4% ahead of guidance.
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The flat growth is a result of multiple forces influencing capital flows in both directions.
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Increased ILW purchasing reflects cash-rich funds looking to protect return levels.
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Managers have tightened buffer terms and added extension spreads to enhance illiquid strategies.
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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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The broker said 1 April Japanese renewals reinforced positive trends in the US at 1 January.
