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The Zurich-based fund manager will no longer manage two Falcon cat bond funds. -
Zurich-based Solidum Partners will oversee the two funds, estimated to be worth $400mn, from 1 August.
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The Toronto-based firm had already been collaborating with Perils for the past two years.
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The new framework will be put in place in 2020 to help manage the market’s risk appetite and performance.
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The California Earthquake Authority’s total risk transfer limit has almost doubled since 2015.
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The ILS fund manager reports that the cost of reinsurance via cat bonds is now “painfully expensive” for some cedants.
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Rates are believed to be around 15-30 percent up in the retro market, helping in turn to support increased rates in the Florida renewal.
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Ten months on from Typhoon Jebi, there is still considerable uncertainty around why the storm’s insured losses are expected to be so much higher than the initial modelled figures.
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Only around half the $3.4bn of cat bonds that have matured this year so far have been renewed, with a further $3.3bn of deals set to expire over the rest of 2019, according to Trading Risk data.
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A paper by academics at Hamburg University compared the results of the Swiss Re global cat bond indices against indices from various other sectors.
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Swiss Re has increased the capacity of its Sector Re sidecar to $670mn, despite a tightening of the wider retro market.
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The World Health Organization said the Ebola outbreak in the Congo has spread to Uganda, putting the deal at risk of triggering.
