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The ILW-focused fund has continued expanding after generating 6.4% returns last year. -
As the renewal is expected to spill over into 2022, the two-speed market will put pressure on retro-reliant carriers.
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The listed mutual fund will be overseen by new recruit Niall MacGillivray.
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Pricing was generally stable but investors are showing more aversion to specific climate-exposed perils, sources noted.
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1 January renewals are running late across the board as reinsurers hold out for improved terms, but the retro segment is the most challenged for capacity.
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Nearly three months on, the event still seems heavily stacked towards residential claims.
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One market participant said the strategy was $250mn in size, but it is not known how much business it has so far written.
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Overall the cat bond market will be lightly impacted by the storm, with the Swiss Re total return index down 0.35%.
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The reporting agency for industry loss triggers has been expanding territories and natural peril coverage over time.
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The $20bn threshold will be a key trigger for non-livecat ILW trades exposed to Ida, as buyers’ fears grew after the storm intensified.
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There were a number of moves and new acquisitions at Aon this month, as the broker shuffled its reinsurance management team.
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Aggregate deals remain an exposure, but overall Ida should be a more readily digested loss than surprise disaster scenarios.
