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The new issuance is slightly less risky than 2020’s offering. -
The company’s DaVinci fund grew by $500mn as it took in a higher share of cat risk from the group.
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The third-party capital raise came in 24% lower than January 2021, as the DaVinci sidecar took most inflows.
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This is the first natural catastrophe loss under the World Bank series of ILS deals since 2019.
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The issuance is a similar size to that of 2021 and significantly larger than that of 2020.
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Total issuance during 2021 beat the previous annual peak of £11bn in 2020, according to an Aon note marking the cat bond sector’s 25th anniversary.
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The firm took $411mn of losses in December, up 940.5% year-on-year, but losses since April are still below the aggregate attachment of its latest Sanders Re deals.
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The industry is expected to improve its return on capital slightly in 2022.
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Greater participation of cat bond investors in the retro market has some advantages alongside the risks.
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There is a lack of capacity for aggregate deals, and moves towards more named peril coverage.
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He will replace Jonathan Malawer, who held the position for fourteen years and has left to join a new firm focussed on climate risk investments.
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