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Pricing is expected to “stay neutral of soften” for January renewals. -
The policies assumed represent $200mn of in-force premium.
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The sovereign wealth fund’s ILS investments grew to $828mn.
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Assuming Munich Re takes roughly a 3% market share of hurricane losses suggests a ~$20bn industry loss for Helene.
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Cat bonds, private ILS and retro were all kept at “strongly overweight”.
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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.
