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Renewal rates were favorable compared to what could have happened after several hurricanes. -
An allocation to insurance could “feel like a nice, calm port in the storm” amid wider market volatility.
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The industry loss data provider also increased its estimate for Hurricane Helene to $15.3bn.
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The Floridian company applied to be traded on the NYSE.
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US Coastal Property and Utica Mutual Insurance have brought out their first cat bond deals.
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Portfolio rebalancing was not triggered last week, but investors are now distracted and nervous.
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The issuance is split across three tranches with varying degrees of risk.
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Market participants expect pricing will be flat to down through Q2.
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The insurer has lined up Piper Sandler and KBW to run the process.
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The ILS segment is not ready to gloss over loss-heavy years in renewal discussions.
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The mega cat bond season in Q2 last year recorded issuance of $8.2bn.
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This year’s coverage will involve $2.94bn of new risk transfer.
