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The bulk of risks linked to a new investment grade cat bond it is working on relate to US private motor risks, with a fifth from commercial motor. -
With fundraising still difficult outside the liquid ILS segment, managers are looking for ways to shore up their economic proposition.
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Reinsurers are less worried about their property books compared to last year, and eyeing development of casualty loss costs due to social and macroeconomic inflation.
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Loss-free accounts were generally up 20%-50% at renewal, the reinsurance broker said.
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The firm’s 1st View report on the July renewals also flagged that an oversupply of ILW capacity may bring down attachment points relative to early 2023.
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At this week's Bermuda Climate Summit, speakers heralded the Island's future as a centre of excellence for climate-related innovation and risk transfer.
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The broker’s latest report finds stability but continued price discipline in most lines and regions.
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The CEO received $3.9mn in shares alongside his salary and bonus.
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The investment firm’s ILS holdings were worth around $746mn at year-end 2022.
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Also formally joining the board are Carlyle’s managing directors James Burr and Jitij Dwivedi, and Adam Halpern-Leistner, director at Hellman & Friedman.
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The reciprocal’s purpose is to deliver additional US property catastrophe capacity to existing and new policyholders of Victor's subsidiary, International Catastrophe Insurance Managers LLC.
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The bond was initially launched as a $175mn cat bond, fronted by Hannover Re.
