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State-backed insurer Florida Citizens has borne the brunt of Irma losses, as other leading carriers in the state managed to keep their share of the event’s claims below their market share, Trading Risk analysis shows.
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The average second quarter returns for a group of ILS funds tracked by Trading Risk has increased to 1.36 percent, compared with 0.79 percent for the same quarter last year.
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Cat bond spreads proved to be largely unaffected by last year’s catastrophe activity as sponsors topped up ILS cover in a busy second quarter that nonetheless failed to outstrip 2017’s record volumes.
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Florida Citizens turned to the ILS market for a third of its traditional reinsurance cover for the 2018-19 programme, down from 38 percent in 2017.
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Retro purchasing rose modestly at the mid-year renewals, but this did not prevent rate increases from slowing, sources said.
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The transaction now matures on 15 August 2018.
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The energy provider is hoping to raise $200mn for the Cal Phoenix Re 2018-1 cat bond which will solely cover wildfire losses. -
Lars Irstad has acquired a 9.9 percent stake in the Swedish ILS manager.
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Bernard Van der Stichele has left AlphaCat after joining the fund as a portfolio manager in June last year.
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Twelve Capital has returned to the cat bond lite market with its 18th Dodeka issuance.
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Sponsor behaviour is changing in the continuing soft market, says Jutta Kath, COO at Secquaero, during the Zurich event.
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The team will join the investment bank’s asset management division, which will stay Bermuda-based.
