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Some reductions in demand might follow as policies change hands, but this will not be a key influence on renewal dynamics. -
The transaction remains popular with investors given that it has never had a loss and is a diversifier, sources said.
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The deal took 2020 cat bond lite volumes to $84.5mn.
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ILS broker-dealers’ forecast cat bond issuance will range from $8bn to $11bn this year, reclaiming ground lost in 2019 when annual volumes plummeted more than 40 percent year on year.
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Further retro price increases at 1 January may not have yet produced much impact on the underlying reinsurance markets, but the true test will come at 1 June.
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New issuances fell to the lowest level since 2011, amid an uptick in risk levels and US exposures, according to Trading Risk data.
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Cat bond fund returns rebounded in 2019, with widely divergent experience among ILS funds investing in private instruments.
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The reinsurance fund manager is targeting expansion outside the catastrophe space with private funds.
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The $150mn multi-year aggregate transaction is the first Japanese cat bond to come to market in over a year.
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The company's cat losses for the reinsurance year to date have reached $1.55bn.
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Pricing on the ILW bond has dropped below the initial guidance range.
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Over the past decade, the cat bond market has produced an average annual return of 6.38 percent, and 7.48 percent for 2019, Aon has calculated.
