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Premiums softened by more than expected at the 1 April reinsurance renewals as reinsurers showed they were not prepared to be beaten on price by alternative capital, brokers said.
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Comparing two recent soft markets in ILS - northern hemisphere spring 2011 and autumn 2013 - highlights the need to consider other ways of measuring risk than on a straightforward multiple basis, according to a recent report from Lane Financial.
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The new generation of casualty reinsurers backed by asset managers potentially offer a broader proposition than previous hedge fund initiatives. But they must be able to demonstrate long-term commitment to win over buyers, says Andrew Newman, head of casualty at Willis Re.
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New rated reinsurance vehicles may be being driven by investors wanting access to particular asset managers' strategies, but there remains some capital markets interest in casualty risk for its own sake.
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As two reinsurance vehicles backed by asset managers moved closer to launch this month, casualty market participants are speculating that these new start-ups may lead to a similar revolution to that which has transformed the property cat sector.
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Trading Risk looks at how fund managers use modelling tools
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The retrocession market provided significantly more aggregate capacity during the 1 January renewals as demand for occurrence covers shrank, Credit Suisse Asset Management's head of ILS Niklaus Hilti told Trading Risk
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The convergence market contributed $10bn of growth to the reinsurance industry's capital base in 2013, Guy Carpenter estimates.
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Property catastrophe rates came under significant pressure at the January renewals but underwriters broadly maintained discipline on policy terms and conditions, sister publication The Insurance Insider reported.
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Some major property catastrophe cedants chose to take advantage of softening rates to purchase extra reinsurance cover at the January renewals, but others consolidated and trimmed their purchasing.
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New sidecar launches continued in early 2014 following a prolific round of 2013 activity, as P&C (re)insurers formed a total of nine known vehicles with just under $2bn of capital.
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The January 2014 renewals will feature more "club" deals that are concluded with a handful of large catastrophe specialists, which will lead to less business being placed in the subscription market, sources said.
