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The executive joins the company as it looks to bolster its reinsurance capabilities. -
Participating insurers would be required to provide all-perils property insurance for residential and commercial policyholders.
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In total, insurers paid indemnity of $11bn and loss adjustment expenses of $1.5bn for claims closed in 2022.
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GC Securities is the sole structuring agent and sole bookrunner on the deal.
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Reinsurers are making some adjustments to secure target signings but appetite to grow is finely balanced.
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The deal closed at the top end of the Farm Bureau’s revised target size, having grown from an initial $200mn offering.
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Projected 2024 ILS returns remain historically high, but signs of increased appetite for top-layer cat risk and top-end retro raise questions over how long this will last.
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Global cat-bond capacity has grown by about 4% annually over the last six years, according to a report by the Swiss Re Institute.
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Anticipations of a tug-of-war around a ‘flat to slightly up’ pricing renewal have indeed come to fruition.
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Slade was previously president at Markel’s ILS fund manager Lodgepine Capital.
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The lawsuit, filed Thursday on behalf of Clear Blue and its subsidiaries, alleges that Aon conducted insufficient due diligence on the ILS InsurTech.
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The amount offered in Class A and B notes has also expanded slightly.
