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Reports said at least 641 people have died and thousands are injured, with damage to 1,500 buildings. -
Following rate increases at 1 January, projected fund returns for 2023 are up several points year on year, with a boost also from higher Treasury rates.
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The funds will support the country’s post-Covid recovery, including stimulating catastrophe insurance markets.
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All four of the firm’s key third-party vehicles were profitable in the quarter.
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An imbalance of capital supply and demand led to strong increases to spreads at issuance for index-linked and indemnity bonds.
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The pricing guidance on the issuance is a step change compared with 2021’s Titania Re bonds.
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Pricing on the health reinsurance cat bond issuance has been guided higher this year compared with last, in line with market dynamics.
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The 17% uplift in its retention comes as reinsurers push for higher attachments.
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This year’s Vitality Re issuance has priced higher compared with the equivalent issuance of 2022.
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Beazley’s bond was hailed as a “great first step” but challenges remain, although others are already working on narrower cloud outage transactions.
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The association has also set its 1-in-100 PML at $4.45bn for the year.
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The transaction is the first proportional deal for cyber risk in the capital markets.
