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The ILS fund manager reports that the cost of reinsurance via cat bonds is now “painfully expensive” for some cedants.
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Rates are believed to be around 15-30 percent up in the retro market, helping in turn to support increased rates in the Florida renewal. -
A paper by academics at Hamburg University compared the results of the Swiss Re global cat bond indices against indices from various other sectors.
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The reinsurer is looking to pay more rate to secure retro cover in a tightening market.
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This year’s cover is less than the 2018 cover, which was $2.6bn.
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The reinsurer has expanded its retro sidecar by more than a quarter from the previously estimated size of $531mn.
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Gregory Murphy believes cedants have too little information about reinsurers’ exposure to the retro market.
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The reinsurance fund has ramped up in recent years to $700mn-$800mn.
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A drought of retro cover may bolster Florida rate demands, sources suggest.
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The fund’s ordinary shares added 0.85 percent during the month.
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The bill still needs to pass two further Senate votes before heading to the state’s Assembly.
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The reinsurer’s non-life combined ratio deteriorated to 97.7 percent despite an improvement in P&C results.
