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The CEO also predicted that (re)insurance conglomerates will take the lead on developing ILS platforms rather than sole insurers.
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The UK regulator said it had no significant worries about market competition but that areas for improvement remain.
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Hurricane Michael generated a larger loss for the carrier than 2017’s Irma. -
The broker said new capital inflows to the sector also reduced from the levels seen last year.
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The JLT index is below levels recorded in 2016 and around 30 percent below 2013 benchmarks.
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ILS broker-dealers expect 2019 cat bond issuance to range from $7bn to above $10bn.
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The reinsurance broker said it was difficult to measure how much capital had been trapped or lost.
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The broker said deployable ILS capacity could become more broadly constrained, but equally there were signs capital could increase.
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The insurer is exploring using the vehicle for a quota share as well as access to the firm’s Syndicate 5623.
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Rick Pagnani was most recently CEO of Everest Re’s Mt Logan vehicle.
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Looking ahead to the rest of the year and 2020, how likely is it that the industry will hold to its resolutions?
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As less ILS capital was available at 1 January, retro rates rose by up to 35 percent on loss-hit deals, the broker said in its 1st View report.
