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Risk-adjusted rate increases have put returns back to 2014 era benchmarks, sources estimated. -
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The majority of the longevity risk was reinsured by Hannover Re.
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Amid an uncertain year for the life insurance segment, mortality and value-in-force transactions remained the mainstay of life ILS managers as fundraising tapered off after a 2018 growth spurt.
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Swiss Re ceded an additional $900mn of risk to the alternative reinsurance market in 2019.
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The main disrupted segments are still aggregate retro and sidecar vehicles, where negotiations over the level of trapped capital have held up the renewal process.
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The cat bond is the second Matterhorn deal to be launched by the (re)insurer this year.
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In its first public cat bond since 2013, the firm joins peers in seeking aggregate retro cover.
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The Limited Purpose Insurer framework was set up earlier this year.
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Despite early fears that the storm could rival last year’s Jebi in losses, expectations are converging around the $10bn level.
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The deal is set to close in the first half of 2020 and will see the Singaporean reinsurer enter run-off.
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A busier cat bond market is expected while a loss of investor confidence is squeezing the collateralised and sidecar markets, said managing director of GC Securities Des Potter.
