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A drop in reinsurance prices caused by an influx of third-party capital into the sector is "good news" for mutual insurers, as they rely heavily on reinsurance to help them absorb big losses, a senior Willis Re executive said
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Greg Richardson has taken up the role of acting head of retro property reinsurance at Markel Global Reinsurance, just three months after leaving the firm when it acquired Alterra Capital.
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The "decoupling" of non-traditional reinsurance rates witnessed in 2013 has created acute conflicts of interest for reinsurers that manage third-party capital, Endurance Specialty's reinsurance CEO Jerome Faure told sister publication The Insurance Insider.
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Growth in the $18bn cat bond market is likely to outpace that of other markets within the $44bn alternative reinsurance sector although all will experience increased activity, said Aon Benfield Securities CEO Paul Schultz.
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The alternative market's hunger for more risk and perils is driving substantial research and development into potential casualty products as well as workers' compensation, commercial motor, and directors' & officers' (D&O) cover, Willis Capital Markets & Advisory (WCMA) CEO Tony Ursano said.
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Standard & Poor's has said it believes the ILS market is "nearing its peak" with investors likely to lose interest in the asset class as yields normalise in mainstream financial markets.
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French reinsurer Scor has recently launched its second Atropos ILS fund and is set to add a third to its line-up, Trading Risk understands.
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The rise of broker placement facilities could lead to further opportunities for alternative forms of capital entering the reinsurance market, AM Best said.
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Aon Benfield predicts that over time less reinsurance business will be written on rated balance sheets and more through ‘satellite' structures backed by third party capital.
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JP Morgan Asset Management and AQR Capital Management are the latest institutions to establish new catastrophe bond strategies, Trading Risk can reveal
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Goldman Sachs analysts have highlighted alternative reinsurance capital as one of eight major economic developments that is producing "creative destruction" in its industry niche, according to a Summer Reading note issued by the firm on 7 August.
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The Bermuda Monetary Authority (BMA) said that seven new Special Purpose Insurers (SPI)s registered in the Bermuda market over July out of a total 13 new insurance and reinsurance entities.
