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Sources have warned that the cat bond sell-off could restrict capacity in the upcoming Florida renewals.
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As per previous bonds, the transaction is fronted by Hannover Re.
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The carrier said it has already secured two-thirds of the private reinsurance limit it will place this year.
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The firm's cat excess-of-loss book rose 7.8 percent.
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The carrier contributed more than $100mn of the January intakes for its retro-focused Upsilon fund and the Medici cat bond fund.
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The CEA expects new revenue bonds could reduce its risk transfer needs by $300mn.
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The manager has offered to repurchase up to 22.5 percent of its Reinsurance Risk Premium Interval Fund, well above the usual 5 percent buyback offer.
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The January 2020 sidecar renewal season could emerge as a turning point in the evolution of reinsurer ILS tactics and strategies.
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The insurer placed 35 percent less aggregate limit than in 2019.
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Intermediaries called the renewal “asymmetric” and “divergent” as rates began to move up after a pressured few years.
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Overall sidecar capacity has been cut by more than 20 percent, sources estimate.
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The funds raised for Eden Re II this renewal have reached $285mn down from $300mn last year.