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Specialist AuM rose 3% over the half year to 1 January, with Leadenhall, Fermat and Hudson Structured the biggest gainers. -
On an annual basis, lawsuits were 1% up on 2019 despite success in cutting back AOB cases.
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Slew of maturities and competitive pricing environment make the cat bond market attractive for sponsors, brokers say
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There were nearly twice as many new issuances than in 2019, but margins have remained elevated in the post-pandemic rebound.
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US cat renewals are outpacing European increases, but as signalled earlier this month, the level of rate hikes has fallen back.
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Despite reduced capacity, ILS market players have been busy redeveloping their offerings.
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The ILS manager is in cost-cutting mode as assets shrink, but the run-off may lead other ILS managers to reconsider their tactics with rated platforms.
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Occurrence retro rates are among the segments where rate pressure is abating, although the outlook remains somewhat opaque in a late renewal.
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The capital skewed to scale-ups, London and carriers targeting both primary and reinsurance business.
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Cedants and reinsurers perform a "slow dance" around pandemic losses, with claims negotiations deferred beyond renewal.
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A more diverse investor base is supplanting continued cutbacks from some ILS players, although Stone Ridge's participations are holding more stable than in prior years.
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Pessimism around trapped capital is growing, but low reported losses may mitigate the issue.
