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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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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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Portfolio rebalancing was not triggered last week, but investors are now distracted and nervous.
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US Coastal Property and Utica Mutual Insurance have brought out their first cat bond deals.
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Market participants expect pricing will be flat to down through Q2.
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Insurance share prices were more resilient than the US stock market.
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Scor is targeting limit of $200mn with its latest Atlas DAC retro cat bond.
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Many UK pension funds are over-funded and lack appetite for higher-risk, higher-yield products.
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Cat losses last month were lighter than historical trends, but all eyes are on Q1 figures.
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Caution about capital markets volatility is leading sponsors to stagger bond renewals.
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The ILS segment is not ready to gloss over loss-heavy years in renewal discussions.
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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.
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A negative January return will be unprecedented for ILS industry.
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Fermat stayed in the top spot surpassing $10.0bn for the first time.
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Secondary market pricing indicated anticipated California wildfire losses.
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As fires still rage, many fear early $10bn-$20bn estimates were too optimistic.
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Aetna, Inigo and GeoVera were the three sponsors seeking lower multiples.
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Compressed cat bond spreads could drive some rebalancing, as M&A remains a prospect.
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The forecasts anticipate a large volume of maturities and rising sponsor demand.
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First-time sponsor QBE secured $250mn of quake and storm coverage.
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Some $1.2bn of limit was placed in the cat bond market this week.
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Casualty ILS made inroads, while hurricane hedging strategies came into focus.
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