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ILW volumes could grow by more than 25 percent in 2020 as reinsurers seek alternatives to indemnity retro cover, sources said. -
The Florida firm hopes the higher spreads will help it replace $300mn of expired bond cover.
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The Zurich-based firm has focused on the cat bond space since launching almost two decades ago.
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Both deals priced at the top end of initial guidance ranges, making them the highest-paying cat bonds the CEA has completed in recent years.
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The spreads on the new deal are set 17 percent higher than a similar 2019 USAA bond.
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Reinsurers push back on aggregate exposure from cascading covers as market gets more differentiated.
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The two new cat bonds are set to become the highest-paying bonds the CEA has completed in recent years.
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The association is planning to issue $200mn of Alamo Re II notes later this year.
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Two large ILS managers bucked the trend for alternative retractions, but traditional carriers recorded the fastest expansion.
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The sidecar’s AuM has held steady and remains an important hedging mechanism to the reinsurer, it said.
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The carrier abandoned plans to do a new cat bond and boosted traditional cover on “better terms”.
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The earthquake insurer returned to the traditional market for cover, citing less favourable ILS pricing and terms and conditions.
