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Investors eyeing private ILS include opportunistic allocators keeping watch on storm season. -
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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One dollar-denominated deal has opted to hold collateral in EBRC notes.
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Berkshire Hathaway lost market share but remained the largest traditional reinsurer, our study shows.
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Some $200mn of fresh limit entered the ILS market as $3.4bn of deals priced.
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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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