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The executive left Aeolus last year having been with the fund manager since 2009.
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Reinsurance conditions began moving in investors’ favour in mid-year 2019, marking a delayed reaction to 2017-2018 losses. -
A day ago, cover that attached at $40bn was being offered at 15 percent rate on line.
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Discussions are now being held around ILWs triggering at $30bn or $40bn.
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The volcano cat bond is being structured so that will be open to investment from other ILS funds.
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Activity in the first half of the year was the lowest since 2011.
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The reinsurer’s $150mn Atlas IX Capital 2015-1 cat bond has partially triggered following an accumulation of PCS losses, sources said.
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The Lane Financial index has returned to levels not seen since 2012.
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The bond priced below the lowest end of the initial guidance.
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The reinsurer is looking to pay more rate to secure retro cover in a tightening market.
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The fund manager has previously raised capital via Bermuda share issuances under prior owners.
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Rising Jebi losses will contribute to a squeeze on capacity.
