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The market has learned lessons from earlier soft market phases that it will apply now. -
The leadership’s commentary spotlighted to value of ILS to the group.
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The reinsurer’s capacity is hugely important to ILS firms, with few alternative providers.
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M&A and shifts in distribution arrangements bring risks and opportunities.
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The ILS market has won market share at the top of programmes as buying expands.
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The buzz in the air at ILS Connect told of a market entering its next growth phase.
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Investor interest and capital flows point to potential for ILS proliferation.
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Indirect exposure to cat risk through long-term investors gives Markel optionality.
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Island appetite remains stable, but early 2025 loss activity has injected fresh uncertainty.
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Several Florida start-ups are poised to begin writing business this year.
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Wildfire is rarely singled out as an exposure that can shift portfolio outcomes.
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Management track record has been a factor in capital raising for 2025.
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Many in the ILS sector are bullish on Milton losses falling at the lower end of earnings impacts.
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A $40bn Milton loss should barely dent many ILS returns but will trap some capital.
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Floir approved nearly 650,000 policies for takeout from Citizens for October and November.
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Winning higher-fee private ILS mandates will strengthen firms’ negotiating positions.
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ILS investors’ stress over Gibson Re is unlikely to inhibit legacy ILS’s future.
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Reinsurer-managers are building out asset management infrastructure as they expand.
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Relentless focus on annual outcomes provides a packaging that doesn’t fit the purpose.
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Reinsurers are much better placed to absorb cat losses; insurers are carrying more risk.
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Top layer competition is an added pressure on ILS firms, but the impact can be overstated.
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Various trends may work together to hold the cat markets up for longer than some had feared.
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Pockets of new capital will not shift pricing at mid-year.
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The depth of the retro market recovery will be an influential factor in the pace of the cat market slowdown from here.
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