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New issuances fell to the lowest level since 2011, amid an uptick in risk levels and US exposures, according to Trading Risk data. -
The Netherlands-based life insurer said it is currently unwilling to bear volatility and will be closing down its $300mn ILS portfolio.
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The retro transaction priced below the target range, according to sources.
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Deputy CIO Dan Knipe is setting up a new credit platform.
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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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The pension fund will acquire the stake from Fairfax for a cash sum of $560mn.
