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Latest pricing suggests secondary market traders are baking in further loss development. -
The firm will provide an update on 22 November to avoid holiday season.
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The low PCS number is presenting a challenge for ILW buyers and sellers.
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The loss tally is considerably lower than estimates issued by model vendors.
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Cat bonds, private ILS and retro were all kept at “strongly overweight”.
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Hurricane Milton will show the ILS product behaving as investors expect it to.
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The event has spared (re)insurers the more extreme scenarios that were under discussion earlier this week.
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Collateralised reinsurance and retro are in the firing line.
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The deal has reduced the carrier’s one-in-250-year cyber loss scenario from $651mn to $461mn.
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The firm’s deals so far have covered cat risk, with space ILS in scope for the future.
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The ILW specialist is believed to be exploring new opportunities.
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The insurer said once firms give up lower attachments or aggregates they “simply do not get them back”.
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