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Some $200mn of fresh limit entered the ILS market as $3.4bn of deals priced. -
Sources believe the market will grow gradually over years after its initial cluster of dealmaking.
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Florida Citizens upsized its latest Everglades Re deal by 50%.
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Cat bond sponsors continue to secure higher limits and lower rates versus their targets.
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Portfolio rebalancing was not triggered last week, but investors are now distracted and nervous.
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US Coastal Property and Utica Mutual Insurance have brought out their first cat bond deals.
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Market participants expect pricing will be flat to down through Q2.
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Insurance share prices were more resilient than the US stock market.
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Scor is targeting limit of $200mn with its latest Atlas DAC retro cat bond.
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Many UK pension funds are over-funded and lack appetite for higher-risk, higher-yield products.
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Cat losses last month were lighter than historical trends, but all eyes are on Q1 figures.
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Caution about capital markets volatility is leading sponsors to stagger bond renewals.
