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The ratings agency says reinsurance resilience is “starting to crack”.
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Around $5bn may be locked as a result of the pandemic, Aon Securities CEO Paul Schultz estimated. -
The retro space is expected to move towards named peril covers as rates approach post-Hurricane Katrina levels.
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Total equity and debt raised this year if the $300mn target is reached would approach $1.5bn.
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Our ILS Week sessions were packed with thoughtful comments from panellists and fireside chat speakers.
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Transaction marks the company’s second mortgage ILS deal of the year.
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A dedicated underwriting vehicle will be established to provide capital through Syndicate 4242.
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If completed, the bond will become one of the only mortgage ILS deals since the Covid-19 pandemic began.
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The former Hiscox CUO has $300mn of cornerstone backing from the PE firm to make a deal happen.
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The firm's managing director says pandemic losses appear to pose no existential threat to the sector.
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The deal frees up 70% of the firm's total trapped capital.
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Retro specialist Richard Wheeler will head the unit, which will focus on sourcing third-party capacity.
