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EMEA CEO Laurent Rousseau said reinsurance must retain its relevance to investors. -
The reinsurer stressed it “did not shy” from cat business in 2023.
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The new Verisk SCS model is increasing expected losses on aggregate bonds.
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Reinsurer executives during a Aon reinsurer panel stressed that the industry worked hard on setting the right structure.
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The market has learned lessons from earlier soft market phases that it will apply now.
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Terms are expected to hold, underpinning the stronger recent performance of reinsurers.
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The volume of property cat aggregates placed grew 50% in 2025.
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The trend for private credit in alternative asset management is “set to continue”.
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The ratings agency warned negative PYD on US casualty will likely continue.
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The agency noted inflows to cat bond funds and investor interest in private ILS.
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Dedicated reinsurance capital is on track to increase by 8% in 2025, the broker said.
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In the US, the index fell 6.7% year on year.
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The Cayman Islands-domiciled SPI now has four institutional backers.
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Property cat-focused sidecar capital was up by approximately 10% in H1.
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The company said the reduction was due to years of steady improvements.
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The programme’s total limit this year is down $594mn to $1.36bn.
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The sidecars will provide capacity for reinsurers and large insurance carriers.
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The new unit – Ceded Re – will operate under the leadership of Guy Van Hecke.
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Buyers have turned to retro markets for covers where ILW pricing is less attractive.
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HCI secured three towers with $3.5bn in XoL coverage.
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The total cost excluding a 15% quota share was $201.85mn, with rates down 12.2% from last year.
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The Floridian also secured $352mn of multi-year coverage extending to 2027.
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Property cat XoL rates were off by around 10% on average on a blended risk-adjusted basis.
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The ILS market has won market share at the top of programmes as buying expands.
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The cat bond limit total is an uplift of around 60% on the carrier’s 2024 bonds.
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As with 2024, pricing pressure has been most acute on top layers.
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The total cost for the program increased 1.8% from last year’s.
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Its 2025 programme exhausts at $9.5bn excess $1bn.
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Fully placed, this would equate to $275mn on the per-occurrence tower and $675mn on agg.
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The ILS segment is not ready to gloss over loss-heavy years in renewal discussions.
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The mega cat bond season in Q2 last year recorded issuance of $8.2bn.
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Island appetite remains stable, but early 2025 loss activity has injected fresh uncertainty.
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Some $4.8bn of reinsurance and cat bond limit will come up for renewal in 2025.
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The programme structure was expanded, but it is unclear what percentage was placed.
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The terrorism pool has shifted its programme from facultative to an XoL arrangement.
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The carrier increased premium by 7% at the January renewals.
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The state-backed carrier has $2.1bn of Alamo Re cat bond coverage.
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The firm ceded $417mn of premiums to the sidecar in 2024.
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Several Florida start-ups are poised to begin writing business this year.
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Modest increases to reinsurance costs were partly offset by the Australia cyclone pool.
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The LA fires ‘demonstrate the magnitude of tail events not well captured in modelling’.
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EGPI growth at the carrier’s Alternative Solutions unit jumped 29.6%.
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Non-proportional business accounted for 34% of its total.
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The reinsurance attaches at $7bn, unchanged for the past two years.
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The carrier said reinsurance was a key component of its “low-volatility strategy”.
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Cat bonds were a key supply-side driver at 1 January 2025.
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Investment in the space comes mainly from the cat bond market, Gallagher Re said.
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The broker anticipates strengthening investor demand for collateralised re.
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Over-subscriptions have been evident on well-priced US cat treaties.
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Increased reinsurance capacity was more than sufficient to meet continued growth in global demand.
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The broker estimated ILS capital has reached $107bn.
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Overall, reinsurers accepted that rate cuts were still leaving them with strong margins.
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The firm said it benefited from favourable retro market conditions.
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Former ILS investors who left the space have looked again and re-allocated.
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The association’s Hurricane Beryl net loss stood at $455mn as of 30 September.
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The reinsurer is planning to drop its cession rate from 40% to 30%-35%.
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Many in the ILS sector are bullish on Milton losses falling at the lower end of earnings impacts.
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Post-Milton investor interest in ILS has yet to translate into dollars allocated.
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Brokers expect strong competition at remote risk layers at the 1 January renewal.
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The broker said it expects strong ILS capital inflows to continue.
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Quick-moving cat risk trading may become more prevalent in the ILS market.
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Aeolus increased its participation on the program more than fourfold.
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The broker estimated ILS capacity reached a record $107bn as cat bond interest surged.
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The broker said high ILS maturities would boost cat bond issuance though the hurricane season would impact capital availability.
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The broker said the mid-year reinsurance renewals benefitted from “more than ample” capacity.
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Excess capacity rebounded in June 2023 after hitting a decade-low just 12 months earlier.
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The company increased its full year 2024 adjusted net income guidance.
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Top layer competition is an added pressure on ILS firms, but the impact can be overstated.
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Twia needed to purchase $3.35bn of reinsurance to satisfy its $6.5bn 1-in-100 PML.
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The expected spend is around 33% higher than Twia had budgeted.
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