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Cat bond investors are sufficiently capitalised to fulfil demand from an anticipated strong pipeline of new issuance in Q4. -
ILS capacity in the form of retained earnings and new inflows is shaping up to meet growing demand for reinsurance and retro coverage.
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The firm joins other challenger brokers in tackling the stronghold of the cat-bond broking space.
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Reinsurance underwriting discipline will not subside even as reinsurers’ willingness to deploy capital increases, the broker said.
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The Florida hurricane season still has three months to run in a predicted above-average year.
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Outside the cat bond segment, Aon said it was observing rising sidecar interest, putting volumes at $7.1bn from $6.4bn the prior year.
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Idalia might add further aggregate erosion to several cat bonds covering various perils over an annual risk period, it stated.
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Swiss Re Capital Markets said there was a ‘strong chance’ of a record-breaking year in size and number of new bonds.
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Allstate reported cat losses of $1bn and $885mn for June and May.
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The US pension fund heard pitches from four ILS manager finalists at its board meeting in May in a selection process following a request for proposals issued last October.
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At least six aggregate bonds offering convective storm cover have been marked down by around an average of more than 20% on the secondary market.
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A total of 10 events caused more than $1bn in losses each.
