Baillie Gifford has lowered its stake in the ordinary shares on offer from the Catco Reinsurance Opportunities Fund, according to a London Stock Exchange filing.
First quarter cat bond issuance has already reached $1.56bn after the World Bank's Latin American earthquake cat bond upsized to close at $1.36bn, according to Trading Risk data.
Losses from US primary habitational and coastal hotel accounts have driven pockets of localised hardening in the US commercial property insurance market, with rate increases of as much as 70 percent for some risks.
