Interviews

Beazley’s $45mn first-time cyber cat bond offered all-perils coverage, though some expected early deals to start with limited scope.

The insurer secured 22 investors with its first public cat bond offering, having previously done a private deal.

The incoming president for insurance also highlighted the role Nephila could play in the transition to net zero.

Fidelis chairman Richard Brindle said a shift towards named cat perils and away from complex structures is underway, but that carriers need more unity between inwards and outwards teams to navigate the harder market.  

Allianz Global Corporate & Specialty (AGCS) is adding five new roles dedicated to ILS alongside an expansion of the ART team.

The reinsurer is ready to “walk away from business” where it feels pricing and terms and conditions are not good enough.

The Category 1 storm’s landfall on the east coast of Florida would be a “manageable” cat event that hurts primary carriers more than their reinsurers, he said.

Transparency and alignment of interests are the keys to expanding casualty ILS.

The Gulf Coast state is keen to distance itself from Florida’s insurance woes but is resistant to some underlying changes.

The HSCM co-founder said the cat reinsurance market was going through a profound shift that would open ILS opportunities for growth.

ILS risk-sharing should stick to peak risks, the reinsurer argued.

If Hurricane Andrew were to hit the coastal regions of Florida today, insured losses would be nearly four times the $15.5bn borne by carriers 30 years ago.