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Cat bonds, private ILS and retro were all kept at “strongly overweight”. -
Managers expect Hurricane Milton losses to shore up pricing.
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Many in the ILS sector are bullish on Milton losses falling at the lower end of earnings impacts.
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Post-Milton investor interest in ILS has yet to translate into dollars allocated.
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The Dutch scheme is the largest ILS allocator with a long list of mandates within the sector.
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The ILS industry alumnus is understood to have two ILS investors lined up.
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Hurricane Milton will show the ILS product behaving as investors expect it to.
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A $40bn Milton loss should barely dent many ILS returns but will trap some capital.
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The reinsurer said retro pricing had ‘moved slightly in our favour’ at 1 January.
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The depth of the retro market recovery will be an influential factor in the pace of the cat market slowdown from here.
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The investment firm said cat bond spreads that are elevated relative to historical levels continue to offer an attractive entry point for investors.
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Projected 2024 ILS returns remain historically high, but signs of increased appetite for top-layer cat risk and top-end retro raise questions over how long this will last.
