ILWs

The $20bn threshold will be a key trigger for non-livecat ILW trades exposed to Ida, as buyers’ fears grew after the storm intensified.

There were a number of moves and new acquisitions at Aon this month, as the broker shuffled its reinsurance management team.

Aggregate deals remain an exposure, but overall Ida should be a more readily digested loss than surprise disaster scenarios.

Pre-landfall livecat ILW interest was marked by a $15bn-$20bn split in buy/sell appetite.

The hire comes as other challenger brokers have added ILW experts, including Price Forbes and Lockton Re.

The collapse of the Aon-Willis deal will have no noticeable impact on the ILS broking business, as the market waits to see what the fate of the Willis Re team will be.

Sources told Trading Risk that a different kind of investor was interested in ILWs compared with retro cat bonds.

Rates are still more than 40% ahead of the pre-Hurricane Irma trough in late 2016.

Richard Anson previously served as head of ceded reinsurance at Antares and reinsurance manager for Aviva.

May and June people moves included several former Aon retro executives taking on new roles at challenger broker Lockton Re, longtime Credit Suisse executive Marcel Grandi moving to an advisory role at Twelve Capital, and several underwriting moves in Bermuda.

Reinsurers are talking about a new era of elevated risks, but their behaviour may signal a more relaxed view heading into 2022.

Davies most recently served as head of global Re specialty Bermuda for the firm’s reinsurance division.