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The lift in ILW pricing seen at mid-year has been unilateral across most products and was a further increase on the 2018 pricing correction following 2017 events, according to Aon.
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Reinsurance conditions began moving in investors’ favour in mid-year 2019, marking a delayed reaction to 2017-2018 losses.
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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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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.
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Nephila, historically one of the biggest buyers of industry loss warranties, has exited the market, sources have said.
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At 31 January this year, the fund’s net assets reached $62.4mn, almost double the $34.2mn total assets at the same point last year.
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New aggregate demand from Japanese cedants may also present opportunities for ILS markets.
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The past two years challenged the catastrophe (re)insurance market more than any period since the Hurricane Katrina era in 2004-2005 – but it is far from clear what the outcome will be this time around.
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A decrease in capacity following last year’s losses is thought to be one of the largest drivers of the rate increase.