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The firm’s flagship reinsurance strategy delivered its best performance in its 10-year history. -
The broker said global cat rates rose 3% in the 1 January reinsurance renewals.
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Craig Hupper spent more than 25 years at TransRe, performing a variety of roles.
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The firm’s reinsurance leader said over-subscriptions on cat reinsurance programmes have been driven by a psychological shift.
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The broker’s 1st View report predicted that cat bond issuance should remain elevated until at least Q2 2024.
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Reinsurers are making some adjustments to secure target signings but appetite to grow is finely balanced.
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Fermat managing director Nelson Seo has forecast that continued high demand could push ILS issuance volumes even higher in 2024.
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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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The bond, which increased in size by 25% to $125mn, priced at the lower end of the previously guided range.
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Travelers is set to expand its core cat treaty by between $1bn and $1.5bn, in a further sign of increased demand for cat reinsurance coverage at 1 January, this publication can reveal.
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The renewal included $130mn from White Mountains, considerably less than the $205mn Ark’s parent kicked in for 2023.
