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North Carolina Farm Bureau raised $500mn with its latest Blue Ridge Re cat bond deal. -
The cat bond market is on course for $56bn of notional outstanding by the end of this year.
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The outcome of Eaton Fire subrogation is an uncertainty for some vehicles.
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Insurers with SCS exposure reaped fewer benefits but still improved over Q3 2024.
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The shift in multiples is indicative of price softening in the cat bond the past two years.
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The average weighted spread on the deals was 651bps, skewed upward by cyber and wildfire deals.
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Carriers are grappling with a rush of investor interest in longer-tail lines.
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One William Street priced its debut cat bond 13% below the midpoint of guidance.
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Covea’s Hexagon IV Re deal priced 13% below the initial target on a weighted average basis.
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Some experienced investors are pivoting out of cat bonds and into the top layers of private ILS deals.
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So far this year, there have been 11 first-time sponsors to place a deal.
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Spreads on USAA’s latest deal priced below comparative issuances in 2023-2024.
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Key topics include private ILS growth prospects and the longevity of longtail interest.
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Sources have said $1bn+ of fresh capital from the region is expected to be deployed in 2026.
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The new Verisk SCS model is increasing expected losses on aggregate bonds.
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Despite the formation of Gabrielle, there is "a very high probability" of a below-average season.
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Deals would need to be sized at $50mn plus for transfer to capital markets.
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ILS executives talked pricing, capacity and opportunities in casualty at an ILS roundtable in Monte Carlo.
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Terms are expected to hold, underpinning the stronger recent performance of reinsurers.
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The Japanese carrier faces integration challenges to make a success of the deal.
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After the LA wildfires in Q1, carriers got some relief in Q2 ahead of wind season.
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Reinsurers are confident on cat rates and ready to deploy ILS capital.
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The merged business of Twelve Securis ranked third among ILS managers for AuM, behind Fermat and RenRe.
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Some $400mn of bonds priced in the past week, after a record-setting H1.
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