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For larger top-end ILW triggers, cedants may have to be pragmatic on rolling over capital.
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The 1 June renewal posed challenges for Florida insurers seeking reinsurance cover.
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Rates have climbed 20%-35% since 1 January, and 40%-50% year on year, sources estimated.
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Despite a move away from non-official indices, global ILW trading is still sometimes relying on a patchwork of triggers.
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There is a lack of capacity for aggregate deals, and moves towards more named peril coverage.
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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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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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The reporting agency for industry loss triggers has been expanding territories and natural peril coverage over time.
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Sources told Trading Risk that a different kind of investor was interested in ILWs compared with retro cat bonds.
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Richard Anson previously served as head of ceded reinsurance at Antares and reinsurance manager for Aviva.