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The Zurich-based ILS manager expects to be underwriting some specialty business from 2022. -
The convergence of traditional reinsurance and ILS has seen reinsurers’ fee income rocket over the past three years.
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The lack of modelling expertise for higher-frequency, secondary ‘all peril’-type losses is putting a rosier tint on catastrophe bonds
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Retro rates were in some cases falling by mid-year, ahead of the recent losses.
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The deal covers the reinsurer’s worldwide cat XL book, as Scor plans to ramp up P&C growth.
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The broker expects ongoing single-digit growth within the ILS market.
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Gibson Re will be domiciled in Bermuda and reinsure 80% of R&Q’s new qualifying legacy transactions.
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Capital positions remain strong even in the context of the pandemic, but innovation is required to keep up their position of influence in the global economy.
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Despite the Q2 increase, the Everest Re sidecar’s written premium for the first half was down 2% to $155.3mn.
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The carrier could not yet discern whether Q3 flooding losses will hit the $2.4bn programme, however.
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The firm launched the special purpose Bermuda-registered insurer at the end of 2020.
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Fee income – an area of patchy disclosure by reinsurers – was generally stable amongst early reporters.
