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The ILS segment is not ready to gloss over loss-heavy years in renewal discussions. -
Sources warned some property XoL books are already running 50% loss ratios.
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Flood Re’s bond Vision 2039 bucked the trend by pricing up 7% as its secured £140mn ($174mn) of limit.
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Some $625mn of new issuance entered the market in the first week of March.
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Deal sizes increased by 84% on average across the six tranches that saw an increase.
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Climate change and other loss impacts were not adequately incorporated, sources said.
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Pricing fell by 13.5% on a weighted average basis across deals that updated last week.
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A higher loss quantum will put a greater burden on retro programmes.
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New limit of $474mn entered the market across two deals.
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American Integrity is seeking expanded limit on more favourable terms.
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FY24 disclosures show shifting fortunes at reinsurer ILS platforms.
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Peril- and geography-specific deals are being well received by investors.
