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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. -
The broker said the renewal had been “gruelling” for cedants.
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The European cat market is hardening faster than expected but the process is being delayed by ongoing negotiations over retro protection and varying lists of reinsurer demands to improve terms.
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The syndicate’s growth headroom is somewhat constrained compared to the Lloyd’s market average.
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High-yielding alternatives are taking away attention from this sector, with its complex narrative around recent losses, and diversification only goes so far in selling its story.
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Expansion is set to be a trend across Lloyd’s as syndicates look to capitalise on a hardening market.
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The ILS broking leader was speaking at the first in-person Munich Re ILS roundtable at the Monte Carlo Rendez-Vous since the pandemic.
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The price for risk carrying is no longer insufficient, Munich Re's CEO said in a Monte Carlo briefing.
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Moody’s, S&P and Fitch all see current conditions as potentially allowing for ILS growth.
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Succeeding years of nat-cat losses have left aggregate and lower-layer capacity tighter.
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The deadline for Lighthouse Excalibur policy cancellations has been extended to 30 June.
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Reinsurers secured concessions on terms and hiked rates as most insurers managed to patch together cover to enter hurricane season.
