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Reinsurers are facing pressure to "keep up with the Joneses" in convergence, one Bermudian reinsurance executive noted, as sidecar renewals continued after 1 January despite plentiful traditional capacity
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Throughout 2012 reinsurers have rushed to pick up new convergence talent and build out their third party funds management arms in response to growing investor interest in the sector.
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This time last year the specialist ILS fund market was abuzz with talk of potential consolidation as a question mark hung over the future of two of the largest asset managers in the sector.
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The catastrophe bond market pulled ahead this year to grow outstanding volumes for the first time since the 2008/09 financial crisis, as annual issuance stayed on track to hit the $6bn volume forecast and easily surpass the 2011 total of $4.8bn.
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Hurricane Sandy's unique profile will test how well the PCS industry loss compilation service covers certain claim categories, as buyers of industry loss-based covers wait to see where the event will settle.
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Alterra Capital president and CEO Marty Becker admitted that inexperience with fundraising requirements was one of the problems for reinsurers targeting third party capital.
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Specialist ILS fund managers have set a high bar for reinsurers trying to enter the fund management sector, with some new entrants still falling short of demonstrating a "fund mentality", according to speakers at the annual Trading Risk Rendez-Vous hosted in New York last month.
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There is a tremendous amount of capital trying to find its way into the ILS space, but the market needs to grow to capture this investment, Aon Benfield Securities CEO Paul Schultz said at the 2012 annual Trading Risk Rendez-Vous.
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Attempts to model losses from Superstorm Sandy has presented some unique challenges, but nevertheless the storm fits within the expected range of outcomes for a north-east hurricane, modelling firms say.
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As projections for industry insured losses from Sandy creep upwards towards $25bn, the impact on both the traditional and non-traditional reinsurance markets inevitably looks to be rising.
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Capital market providers are largely creating new reinsurance demand rather than carving out capacity from the traditional market, Nephila Capital co-founder Frank Majors said at an ILS panel hosted by Munich Re at the Monte Carlo Rendez-Vous last month
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Absent a shock loss in the final months of the year, premium rates are expected to slide at the key 1 January renewal, when upwards of half of all property catastrophe reinsurance business renews, Trading Risk understands
