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Greater participation of cat bond investors in the retro market has some advantages alongside the risks. -
There is a lack of capacity for aggregate deals, and moves towards more named peril coverage.
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Retro renewals have made major progress in early January, but programme gaps remain at some levels, with reinsurers left carrying more risk net.
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The ILW-focused fund has continued expanding after generating 6.4% returns last year.
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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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