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There is little sign of retro demand returning after buyers cut back in January.
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The worldwide aggregate ILW bond covers an unusually wide range of perils for the cat bond sector.
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The former Bermuda Brokers and JLT Re broker says ILW appetite is expected to remain strong after benefitting from pandemic trading activity.
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The transaction takes total private cat bond issuance tracked by Trading Risk to $461mn for the year, outstripping 2020 totals.
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The Bermuda (re)insurance firm will pay a final spread on the deal of 675 basis points (bps).
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The manager says cedant demand is growing for larger transactions.
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The firm has seen interest in non-named storm covers after last year's derecho and other loss events.
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The investment bank is focused on developing new parametric products for the reinsurance market.
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US contracts are still pricing at a 10%-15% premium to January 2020 levels, but excess retro capacity may impact the smaller market.
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Net assets have grown 5% year-on-year to $876mn as of 31 October 2020.
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Target investments could include cat bonds and other reinsurance, though the allocation size is unknown.
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The fund also grew its net assets by 15% to about $142mn.