Swiss Re

Cat bond prices in the secondary market have begun recovering following a pre-Christmas sell-off, as investors sought to release capital ahead of the renewal, brokers said.

The ILS manager also revealed more detail on the limits written through MS Amlin.

The Luxembourg entity will provide trading continuity for its ILS and weather derivatives business after Brexit.

Marvin Pestcoe replaces Craig Fowler who was appointed CEO of the start-up in March.

The loss came in higher than Morgan Stanley analysts expected.

The final couple of months of 2018 brought further pain for sidecar investors.

Due partly to loss creep from Irma, ILS losses have been eked out throughout the year.

ILS broker-dealers expect 2019 cat bond issuance to range from $7bn to above $10bn.

The Californian wildfires, Hurricane Michael and Typhoons Jebi and Trami pushed up losses.

Reinsurers are still figuring out just how costly 2018 was in terms of disaster losses – after all, 2018 has only just wrapped up and events such as the Sydney hailstorms lumped on further costs late in the year.

Rick Pagnani was most recently CEO of Everest Re’s Mt Logan vehicle.

Looking ahead to the rest of the year and 2020, how likely is it that the industry will hold to its resolutions?