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Losses from severe thunderstorms have increased by 7% annually in the last 30 years, according to the Swiss Re Institute. -
American Family had initially sought $150mn of coverage before scaling the bond to $175mn.
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The costliest disaster was the southeast Queensland and NSW flooding in February 2022.
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The sponsor is seeking coverage for named storms, winter storms, wildfire, earthquake and severe thunderstorms in the US.
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The US peak peril cat bond has upsized to $325mn from an initial target of $200mn.
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Most of the industry loss occurred in the UK and was due to flood losses, with limited wind-related losses.
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The P&C Re CEO discussed Swiss Re’s P&C appetite and nat cat exposure in the investor presentation.
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Swiss Re Alternative Capital Partners assets under management hit $3.3bn as of 30 September.
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High Point Re is Selective’s debut cat bond.
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Profits are expected to widen thanks to improved rates and higher average attachment points.
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The ratings agency said premium rate increases for specialty lines would be most pronounced in political risk, terrorism and political violence lines because of heightened geopolitical tensions.
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ILS managers are still waiting for hard market growth.
