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Excess capacity rebounded in June 2023 after hitting a decade-low just 12 months earlier. -
This compares to the 2023-2024 tower which covered losses up to $2.83bn.
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The firm now predicts six major hurricanes and 24 tropical storms.
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Additional capacity for upper-layer coverage is driving rate reductions, the broker says.
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Forecasters have warned that a number of meteorological factors could make this year the most active on record.
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Rich had spent 13 years at the firm where he began his career and oversaw a cat bond and ILS portfolio.
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The Swiss Re veteran left her former employer last year.
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The company increased its full year 2024 adjusted net income guidance.
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Most years since 2014 have seen at least one named storm before 1 June.
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Sources said that while a late June-early July IPO is still on the table, a Q4 or early 2025 listing is expected.
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Concerning hurricane forecasts are among the factors driving tighter reinsurer capacity.
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Top layer competition is an added pressure on ILS firms, but the impact can be overstated.
