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Cat bond investors are sufficiently capitalised to fulfil demand from an anticipated strong pipeline of new issuance in Q4. -
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A total of $386mn has been issued in private cat bond deals this year.
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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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Total cat bond lite issuance this year has reached $370mn, according to Trading Risk’s tracker
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Gallagher Re has stated that the alternative capital market has increased by 4%.
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However, most P&C insurers will still miss their cost of capital targets and as a result, rate hardening and capacity constraints are expected to continue into 2024, according to Swiss Re.
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Morrison spent four years as an underwriter at Securis before moving to Aeolus in 2018.
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The firm joins other challenger brokers in tackling the stronghold of the cat-bond broking space.
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The pressure on catastrophe terms and conditions seen at the January 2023 renewals will likely not be repeated as renewals get more orderly in 2024.
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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 ratings agency has said ILS firms could encounter “pent-up demand” from cedants during the January 2024 renewal.
