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Early indications suggest that international property catastrophe reinsurance prices will soften by an average of 10-15 percent at the 1 January renewals.
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It wasn't a hurricane or any other natural disaster that prompted the 2013 wave of reinsurance sidecars, but rather a shockwave within the industry caused by the growing clout of ILS fund managers.
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It has been a long time coming, but the cat bond market has finally returned to its pre-crisis heights, with 2013 issuance set to reach $7.5bn if all three bonds currently in the pipeline close on target.
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Hiscox elbowed its way up the ranks of reinsurer ILS managers when it announced during the third quarter reporting season that it expected to deploy $200mn of third-party capital in 2014.
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The next wave of ILS investors could emerge from a different source than the pension fund capital that has backed its development, according to speakers at the Trading Risk New York Rendez-Vous last month.
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The California Earthquake Authority (CEA) added a new three-year $100mn contract to its reinsurance programme in the mid-year renewals as it increased multi-year cover to more than a third of its overall limit
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London-listed Catco has picked up almost a 20 percent share of the estimated $9bn indemnity retrocession market since it began underwriting at the start of 2011
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A good amount of work is already underway for early January reinsurance renewals as buyers seek to lock in favourable pricing and place significant limit outside the subscription market.
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Mutual funds are likely to increase their role in the ILS market in the future, Aon Benfield Securities predicted in its 2013 review of the sector.
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As ILS premiums tumbled in the first half of 2013, market commentators described the phenomenon as a "decoupling" of cat bond prices from the traditional reinsurance market.
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Opportunistic retro purchasing helped many (re)insurers cut back their exposure to major catastrophe events as they headed into the peak North Atlantic windstorm season.
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Claire Souch, vice president of Model Solutions at RMS, explains the vision behind the RMS(one) platform and what changes the company believes it can make to ILS fund managers and reinsurer underwriting teams
