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For the ILS market, perhaps more than any other, the outcome of this year’s high inflation is still to be determined. Unlike other industries that are suffering increased immediate costs, this sector’s performance – as always – is ultimately driven by events no one can foresee. -
The intermediary recorded “one of the hardest reinsurance markets in living memory” as primary rate increases slowed.
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The exit highlights increasingly difficult conditions in the retro and reinsurance markets.
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The carrier has become the latest in a string of reinsurers unwilling to write retro at 1 January.
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The bond will provide coverage up to 2026, extendable to 2029.
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The RenRe vehicle, formerly a major retro writer, has been a reduced force this year.
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It is understood that Ascot will continue to write worldwide retro business.
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The fund will take a vertical cut of all non-life business written by Latam specialist Ocean Re.
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The firm’s founder said he originated and structured 70% of all ILS deals issued for Japanese perils in the past 12 years.
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Hannover Re said that it expected its total gross Ian losses to be slightly below EUR400mn.
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Fidelis and MS Reinsurance are among the ceding companies that have support from Ajit Jain’s unit.
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Hurricane Ian could present a challenge for ILS fundraising conversations this autumn if ILS firms do not find more financing solutions to manage trapped capital, according to panellists at Trading Risk New York 2022 last week.
