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The ILS manager’s analysis highlighted that Lloyd’s nat cat exposure had lowered over the six years to 2021. -
The carrier has upped its global all-perils cat coverage to $1.2bn since January last year.
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The capital management platform remains active but January renewals were fronted by the balance sheet.
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The reinsurer noted “buoyant” conditions in the cat bond and private reinsurance segments.
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The carrier has increased its retro capacity by 56% to EUR1.34bn.
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The carrier said it achieved average risk-adjusted price increases of 30% on cat business.
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The headline market drop in AuM belies a more lively growth story for funds operating outside of the ILS major league.
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The organisation is preparing its reinsurance placement based on the increased exposure numbers.
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Rate increases achieved at 1 January will help carriers keep pace with inflation, the agency said.
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The carrier has renewed two of its quota shares with continental reinsurers with final negotiations underway.
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Key themes of the renewal that resonated across the ILS investor base include the elevation of attachment points, though lack of take-up of named perils coverage may disappoint some.
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The broker said the renewal had been “gruelling” for cedants.
