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JLT Capital Markets will target the corporate market to source weather ILS deals as a form of contingent business interruption (CBI) cover, after the closure of its recent Market Re private cat bond demonstrated investor demand for the risk.
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Losses from the Fort McMurray wildfires have been coming in at the lower end of initial forecasts as the event is now expected to be less costly than initially feared, sources said.
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Keefe, Bruyette & Woods analyst William Hawkins said that modest reinsurance rate cuts in the 1 January renewal are more likely than the "stability" forecast by carriers.
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Neon is expected to add to its newly-opened Bermuda office with the hire of former AlphaCat underwriter Nick Pritchard as head of cat treaty, according to sources.
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Beach & Associates is to establish an office in Zurich after making a number of new appointments, including ILS specialist Rick Thomas.
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The reinsurance buyers for Zurich and Axa said that relative costs would be the key to their use of cat bond or traditional market reinsurance in upcoming renewals.
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Natural catastrophe reinsurance is nearing the bottom of the market, Swiss Re said at the Monte Carlo Rendez-Vous on Monday, echoing comments from its peer Hannover Re.
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Automotive insurers have taken significant losses from the Louisiana floods, as PCS estimates auto claims from the event have reached $669mn, Trading Risk can reveal.
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Deficient reserves are now the sector's largest exposure as reinsurers continue to release reserves to offset the effect of low pricing and improve profitability, according to JLT.
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The cat bond market is set to go through a new cycle of price adjustment after the market has shrunk in the first half of 2016, GC Securities global head of ILS structuring Cory Anger said at the Munich Re ILS roundtable hosted in Monte Carlo today.
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RMS has now launched the first solution to go live on RMS(one), two years after beginning work on the platform.
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Top 10 ILS manager Stone Ridge Asset Management is working to establish or acquire a Lloyd's corporate member, a vehicle that would allow it to invest in London market syndicates, sources told Trading Risk.
