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Spreads on USAA’s latest deal priced below comparative issuances in 2023-2024. -
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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The recommended “AIF lite” structure could be suited to cat bond lites.
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Weighted average multiples were down as sponsors capitalised on demand to push spreads lower.
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Everest Re increased the targeted size of Kilimanjaro Re across all four classes of notes.
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The California Earthquake Authority upsized its Ursa Re deal by 60% to $400mn.
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Buyers have turned to retro markets for covers where ILW pricing is less attractive.
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Investors eyeing private ILS include opportunistic allocators keeping watch on storm season.
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Everest Re has structured its deal into two sections targeting aggregate and per occurrence cover.
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A total $225mn of fresh limit entered the market across two deals.
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ILS offers efficient capital for underwriters, but casualty ILS transactions are complex.
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The deals covered Euro wind and Italy quake, Florida hurricane and a retro bond.
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As with 2024, pricing pressure has been most acute on top layers.
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