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Further retro price increases at 1 January may not have yet produced much impact on the underlying reinsurance markets, but the true test will come at 1 June. -
New issuances fell to the lowest level since 2011, amid an uptick in risk levels and US exposures, according to Trading Risk data.
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The retro transaction priced below the target range, according to sources.
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Trapped collateral left overall capacity flat, despite a 5 percent increase in rated capital.
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Hyperion X estimated retro rates have risen to around 140 percent of their pre-Irma levels.
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Over the past year, Willis Re's index shows riskier deals and a hardening market have lifted average cat bond yields.
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The broker's chairman of international business James Vickers said reinsurers are only trimming capacity on the edges of the cat market.
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The broker’s 1st View report highlighted diverging reinsurer tactics and segmented renewal outcomes.
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US cat reinsurance renewals moved flatter than expected as 1.1 neared.
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The reinsurer was among the blue-chip cedants to benefit from an earlier renewal and occurrence structure.
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Risk-adjusted rate increases have put returns back to 2014 era benchmarks, sources estimated.
