Willis Towers Watson
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The merger may cause price increases or reduced service levels for major insurance buyers. -
Event definitions were also tightened at renewals, the broker said.
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Executives reiterate the mid-single expansion guidance announced in March, despite growing organically by 1% in 2020.
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Of the largest insured losses from single events last year, the top eight occurred in the US.
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By year-end some bonds were trading at above-par levels that put implied spreads 15%-28% lower than mid-year when the deals were issued.
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The $100mn+ Bonanza deal is the Floridian’s third foray into the cat bond market
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David Bangs joins from Willis Re Singapore where he worked for more than 15 years.
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More ILS funds are allocating to retro than in past years, while a third of investors are expecting to increase their allocations slightly.
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Purchasing the analytics firm will help Willis meet growing demand for climate change services.
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The exec was speaking after the broker was acquired by Cinven and GIC in a multi-hundred million deal.
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The CEOs of Aon Reinsurance Solutions, Willis Re and TigerRisk predict limited rate gains, but up to $10bn of incoming capital.
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Magnani became vice president, based in London, in September.
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