ILWs

The Bermuda-based company said a smaller capital base and greater cessions to third-party reinsurers led to the decrease.

The latest increase in PCS figures for hurricanes Harvey and Irma means that US wind aggregate industry loss warranties (ILWs) that trigger at $30bn have been hit, Trading Risk sources said.

Retro purchasing rose modestly at the mid-year renewals, but this did not prevent rate increases from slowing, sources said.

ILS premiums steadied after a 9.5 percent drop in the first quarter, according to Lane Financial's benchmark.

In its 1st View report the broker said the impetus for risk-adjusted rate increases had stalled at the June and July renewals.

The insurance merchant bank is planning to feed most of the fund’s capital into a quota share retrocession contract with Iris Re.

European loss aggregator Perils has joined forces with Toronto-based analytics firm CatIQ to launch Canada’s first exposure database.

The fund raised an additional $10mn in the three months to 30 April 2018.

The fundraise comes as the firm is hiring to expand its ILS strategy.

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Demand for retrocession is expected to be up slightly at the mid-year renewals, but with relatively little business concluded so far there is no clear outlook on how rates will hold up.

Hatteras Funds, a North Carolina-based alternative asset manager, has launched the fifth new ILS strategy this year and joins a trend of more feeder funds being set up in the asset class.