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As providers manage their targets by premium dollars, and rising rates have boosted quota share income, this is leading to reinsurers hitting capacity earlier than expected.

The settlement ends hostilities that began with Covea’s unsolicited EUR8.3bn takeover bid for the French reinsurer in August 2018.

CPI surged to 4.2% in April, levels not seen since before the Global Financial Crisis.

The fund will limit capacity to $400mn or 1.5% market share, and minimise exposure to secondary risks.

The aspiring carrier is already providing risk-transfer deals for carbon offset buyers but plans for its initial underwriting to be focussed in more traditional areas.

The executive had previously been the head of third-party capital at Axis.

The Florida reinsurance renewals ran more smoothly, with lower overall rate increases than initially expected.

The limited liability vehicle consolidator, which has raised £75mn in capital in recent months, reinstates a dividend.

Berkshire, along with some other expansive reinsurers, grew its level of assumed reinsurance premium from top Florida insurers significantly in 2020, as the ILS market share dropped overall.

Making it easier for brokers to use facility capacity is key to uptake, says the facility’s CEO, Dan Prince.

The former Swiss Re ILS specialist has joined the carrier after its debut sidecar launch.

The transaction takes total private cat bond issuance tracked by Trading Risk to $461mn for the year, outstripping 2020 totals.