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A number of ILS managers stand to benefit from so-called "window" industry loss warranty (ILW) covers, which means that their recoveries may rely on limited loss deterioration.
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Retro market sources said that capacity shortages would not be a factor in the January renewals after ILS managers reloaded lost capital, but that uncertainty over underlying reinsurance repricing was contributing to a stand-off
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Markel Catco has said it will raise gross proceeds of $543mn by issuing new shares in its London-listed Catco Reinsurance Opportunities Fund.
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Guernsey-based start-up Brilliant Reinsurance is aiming to provide retro cover to the Lloyd's market.
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Data provider PCS has kept its insured industry loss figure for Hurricane Harvey largely stable at $15.9bn following its second survey of claims from the August storm, sources said.
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The Massachusetts Pension Reserves Investment Management Board (MassPRIM) has allocated $250mn to the reinsurance sector, split between two managers, Aeolus and Markel Catco.
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The retro spiral of the late 1980s nearly finished Lloyd's off. But those hoping that an ILW spiral might entangle and trip up the ILS market in similar complications will have to wait another day.
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The managers of start-up ILS fund Lutece Re said they had raised a "significant amount" of committed capital to begin underwriting at the 1 January renewals
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The reinsurance industry will absorb 50 percent of some $90bn of Q3 catastrophe losses with the rest retained by the primary market, AM Best's chief rating officer Stefan Holzberger said at the rating agency's London market conference.
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The 2017 catastrophe events have highlighted the extent to which ILS managers are benefiting from industry loss warranty (ILW) hedging, but market sources have questioned where the losses will ultimately fall as more clarity is gained over HIM claims in months to come.
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Erik Manning's start-up ILS fund Lutèce Re has raised capital to begin underwriting retro business during the 1 January renewals, Trading Risk understands
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Third quarter catastrophe losses represented a 7 to 14 percent hit to the shareholders' equity of global reinsurers, with major catastrophe writers such as Everest Re, Lloyd's of London, Lancashire and RenaissanceRe the most severely affected
