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Cat bonds, private ILS and retro were all kept at “strongly overweight”. -
The ILS allocation increased in dollar terms and held steady in euros.
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Managers expect Hurricane Milton losses to shore up pricing.
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Risk remote strategies, including private ILS, have outperformed higher risk strategies over the last decade.
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Florida domestics, aggregate retro and flood deals were all marked down.
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HCI is estimated to incur a net expense of $125mn for Milton in Q4 2024.
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The Dutch scheme is the largest ILS allocator with a long list of mandates within the sector.
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The multiple offered on the deal is around 2.5x the expected loss.
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The estimate includes private cover for residential, commercial and industrial property.
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The manager’s ILS allocation now spans six of its seven investment funds.
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The ILS industry alumnus is understood to have two ILS investors lined up.
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Plenum said wind damage from Milton could lead to “moderate” losses for its cat-bond funds.
