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Analysis

  • Catastrophe bonds
    cat bond weekly briefing
    Cat bond spreads face pressure as market deals with abundant capital
    Spreads on USAA’s latest deal priced below comparative issuances in 2023-2024.
    Jai Singh, 20 October 2025
  • Catastrophe bonds
    hamilton bermuda.png
    Four major conversation points for the ILS market at Convergence 2025
    Key topics include private ILS growth prospects and the longevity of longtail interest.
    Jai Singh, 13 October 2025
  • ILS investors
    australia new zealand flags 2025 getty.png
    Australian and NZ investors revisit ILS due to returns amid volatility
    Sources have said $1bn+ of fresh capital from the region is expected to be deployed in 2026.
    Jai Singh, 06 October 2025
  • ILS Graph Chart Line Stocks Finance Bonds.jpg
    Cat bond investors prepare to navigate softer phase of pricing cycle
    The new Verisk SCS model is increasing expected losses on aggregate bonds.
    Liz Bury, 29 September 2025
  • Catastrophe losses
    hurricane-sally-geocolor.jpg
    Hurricane season: Analysing North Atlantic storm activity so far in 2025
    Despite the formation of Gabrielle, there is "a very high probability" of a below-average season.
    Ben Wylie, 23 September 2025
  • Balance, equilibrium stability in risk environment comparisons abstract fund finance.png
    Basis risk and a small direct market are challenges for parametric ILS
    Deals would need to be sized at $50mn plus for transfer to capital markets.
    Jai Singh, 22 September 2025
  • ILS investors
    High-net-worth-HNW-3.jpg
    The outlook for ILS – ‘growth begets growth at this point’
    ILS executives talked pricing, capacity and opportunities in casualty at an ILS roundtable in Monte Carlo.
    Marcel Le Gouais, 15 September 2025
  • Reinsurance
    monte carlo ships buoyant online.png
    Navigating the step-down: Reinsurers buoyant despite rising competition
    Terms are expected to hold, underpinning the stronger recent performance of reinsurers.
    Fiona Robertson, 09 September 2025
  • M&A
    Sompo-Aspen-2025.png
    Sompo-Aspen: Fitting the portfolios together
    The Japanese carrier faces integration challenges to make a success of the deal.
    Rachel Dalton, 02 September 2025
  • Catastrophe losses
    finance graph pricing.jpg
    Quiet Q2 for cat events results in lowest insured loss ratios for five years
    After the LA wildfires in Q1, carriers got some relief in Q2 ahead of wind season.
    Adam Kovac, 28 August 2025
  • Retrocession
    finance data analysis stock market share prices earnings results gains losses financial.png
    Q2 reinsurer results indicate healthy market for ILS participation
    Reinsurers are confident on cat rates and ready to deploy ILS capital.
    Liz Bury, 18 August 2025
  • ILS managers
    abstract finance growth assets earnings results.png
    Top tier ILS manager capital base grows 3% to $94.2bn over H1
    The merged business of Twelve Securis ranked third among ILS managers for AuM, behind Fermat and RenRe.
    Jai Singh, 28 July 2025
  • Catastrophe bonds
    cat bond weekly briefing
    Mercury’s wildfire cat bond among upsizing July deals
    Some $400mn of bonds priced in the past week, after a record-setting H1.
    Fiona Robertson, 07 July 2025
  • Regulation
    ucits aum ils weekly lead image july 7 2025 v2.png
    UCITS regs change could split institutional and retail investor base
    The recommended “AIF lite” structure could be suited to cat bond lites.
    Liz Bury, 07 July 2025
  • Catastrophe bonds
    ILS Graph Chart Line Stocks Finance Bonds.jpg
    Cat bond issuance of $14.4bn sets a record of H1
    Weighted average multiples were down as sponsors capitalised on demand to push spreads lower.
    Jai Singh, 30 June 2025
  • Catastrophe bonds
    Blue double exposure of money coins stacking with bar graph for financial and investment business concept.
    Targeted cat bond limit up by 90% to $1.05bn last week
    Everest Re increased the targeted size of Kilimanjaro Re across all four classes of notes.
    Jai Singh, 23 June 2025
  • Catastrophe bonds
    cat bond weekly briefing
    Cat bond limit of $550mn placed across two deals this week
    The California Earthquake Authority upsized its Ursa Re deal by 60% to $400mn.
    Jai Singh, 16 June 2025
  • ILWs
    ILS Charts Financial Graph Trades Economy Cat Bonds.jpg
    ILW market tussles over bid-ask spread as demand rises
    Buyers have turned to retro markets for covers where ILW pricing is less attractive.
    Liz Bury, 16 June 2025
  • ILS investors
    tropical storm winds hurricane winds palm trees.jpg
    Allocators in ‘wait and see’ mode on private ILS for third wind season
    Investors eyeing private ILS include opportunistic allocators keeping watch on storm season.
    Jai Singh, 09 June 2025
  • Catastrophe bonds
    coins stacked finance financial cat bonds gains losses.png
    Fresh limit of $775mn entered the cat bond market in first week of June
    Everest Re has structured its deal into two sections targeting aggregate and per occurrence cover.
    Jai Singh, 09 June 2025
  • Catastrophe bonds
    cat bond weekly briefing
    AmTrust subsidiary takes 2025 debut cat bond sponsors to 12
    A total $225mn of fresh limit entered the market across two deals.
    Jai Singh, 02 June 2025
  • Analysis
    ILS Reinsurance Tower Digital City Cyber.png
    Is casualty ILS likely to catch on as cat ILS did?
    ILS offers efficient capital for underwriters, but casualty ILS transactions are complex.
    Liz Bury, 02 June 2025
  • Catastrophe bonds
    generic finance.jpg
    Cat bond limit of $500mn placed across three deals last week
    The deals covered Euro wind and Italy quake, Florida hurricane and a retro bond.
    Jai Singh, 27 May 2025
  • Florida
    Florida-2024.png
    Reinsurers flex capacity in Florida with top layer rates under most pressure
    As with 2024, pricing pressure has been most acute on top layers.
    Jai Singh, 20 May 2025
  • Catastrophe bonds
    cat bond weekly briefing
    Cat bond pricing multiples hover around 3x in deals placed this week
    One dollar-denominated deal has opted to hold collateral in EBRC notes.
    Liz Bury, 19 May 2025
  • Florida
    ilsw main 2.jpg
    Florida ceded premium study paints complex picture for ILS market in 2024
    Berkshire Hathaway lost market share but remained the largest traditional reinsurer, our study shows.
    Ben Wylie, 19 May 2025
  • Catastrophe bonds
    cat bond weekly briefing
    Cat bonds continue to upsize with latest Everglades at new mega-bond record
    Some $200mn of fresh limit entered the ILS market as $3.4bn of deals priced.
    Jai Singh, 12 May 2025
  • Cyber
    gallagher re main image TRWB may 12 2025.png
    Softer reinsurance pricing puts cyber ILS on the back burner
    Sources believe the market will grow gradually over years after its initial cluster of dealmaking.
    Jai Singh, 12 May 2025
  • Catastrophe bonds
    cat bond weekly briefing
    Fresh limit of $577mn enters market from four sponsors
    Florida Citizens upsized its latest Everglades Re deal by 50%.
    Jai Singh, 06 May 2025
  • Catastrophe bonds
    finance graph trading.jpg
    Priced bonds increase in size as $675mn of fresh limit enters the market
    Cat bond sponsors continue to secure higher limits and lower rates versus their targets.
    Jai Singh, 28 April 2025
  • ILS investors
    tariffs cargo barbed wire inv.png
    Tariff tumult may be a distraction but it amplifies ILS non-correlation appeal
    Portfolio rebalancing was not triggered last week, but investors are now distracted and nervous.
    Liz Bury, 14 April 2025
  • Catastrophe bonds
    cat bond weekly briefing
    Bumper week for cat bond deals as $2.8bn of limit enters the market
    US Coastal Property and Utica Mutual Insurance have brought out their first cat bond deals.
    Jai Singh, 14 April 2025
  • Catastrophe bonds
    Convective storm homeowners nat cat.jpg
    Record Q1 cat bond issuance of $6.4bn supported by robust capacity
    Market participants expect pricing will be flat to down through Q2.
    Jai Singh, 07 April 2025
  • Re/insurers
    new york stock exchange wall street financial district.png
    US insurance stocks relatively stable amid tariff-related selloff
    Insurance share prices were more resilient than the US stock market.
    Abbie Day, 03 April 2025
  • Catastrophe bonds
    cracked road concrete close up
    Fresh limit of $525mn entered the cat bond market in the last week of March
    Scor is targeting limit of $200mn with its latest Atlas DAC retro cat bond.
    Jai Singh, 31 March 2025
  • ILS investors
    london buildings skyline people city commuters london market.png
    UK pensions offer a patchy reception for managers pitching ILS strategies
    Many UK pension funds are over-funded and lack appetite for higher-risk, higher-yield products.
    Jai Singh, 31 March 2025
  • Catastrophe losses
    ipcd TR dupe main image march 2025.png
    February cat heatmap: A break in the clouds
    Cat losses last month were lighter than historical trends, but all eyes are on Q1 figures.
    Noah Marchese, 26 March 2025
  • Catastrophe bonds
    cat bond weekly briefing
    Weekly cat bond placements of $3.8bn bump Q1 issuance to $5.9bn
    Caution about capital markets volatility is leading sponsors to stagger bond renewals.
    Jai Singh, 24 March 2025
  • Renewals
    Florida flag palm trees.jpg
    ILS managers do not want to relinquish gains made in Florida
    The ILS segment is not ready to gloss over loss-heavy years in renewal discussions.
    Liz Bury, 24 March 2025
  • Catastrophe losses
    wildfire smoke california.png
    Reinsurers’ wildfire pain will vary but some cat books may not break even
    Sources warned some property XoL books are already running 50% loss ratios.
    Fiona Robertson, 19 March 2025
  • Catastrophe bonds
    cat bond weekly briefing
    Bond pricing softens by around 4% across updated deals
    Flood Re’s bond Vision 2039 bucked the trend by pricing up 7% as its secured £140mn ($174mn) of limit.
    Jai Singh, 17 March 2025
  • Catastrophe bonds
    finance graph trading.jpg
    Placed cat bonds price 8% below initial guidance midpoint
    Some $625mn of new issuance entered the market in the first week of March.
    Jai Singh, 10 March 2025
  • Catastrophe losses
    cat bond weekly briefing
    Late February cat bonds upsize as sponsors secure 10% price drop
    Deal sizes increased by 84% on average across the six tranches that saw an increase.
    Jai Singh, 03 March 2025
  • Catastrophe losses
    California Wildfire Homeowners Catastrophe.jpg
    Vendor models were seriously underestimating California wildfire risk
    Climate change and other loss impacts were not adequately incorporated, sources said.
    Jai Singh, 03 March 2025
  • Catastrophe bonds
    Launch Startup IPO Ribbon Cut ILS.jpg
    Sanders Re launch adds $300mn bringing total volume offered to $1.1bn
    Pricing fell by 13.5% on a weighted average basis across deals that updated last week.
    Jai Singh, 24 February 2025
  • Catastrophe losses
    Wildfire California Los Angeles Firetruck.jpg
    LA wildfire insured loss estimates creep to $40bn+
    A higher loss quantum will put a greater burden on retro programmes.
    Rachel Dalton, 19 February 2025
  • Catastrophe bonds
    cat bond weekly briefing
    Cat bond deals grew 21.1% from initial targets last week
    New limit of $474mn entered the market across two deals.
    Jai Singh, 17 February 2025
  • Catastrophe bonds
    cat bond weekly briefing
    Cat bond new issuance of $1.7bn is on offer to investors
    American Integrity is seeking expanded limit on more favourable terms.
    Jai Singh, 10 February 2025
  • ILS managers
    Money background
    ILS generates significant fee income for some reinsurer-linked managers
    FY24 disclosures show shifting fortunes at reinsurer ILS platforms.
    Jai Singh, 10 February 2025
  • Catastrophe bonds
    finance graph trading.jpg
    Sponsor-friendly conditions are resulting in bigger limits and lower multiples
    Peril- and geography-specific deals are being well received by investors.
    Liz Bury, 03 February 2025
  • Catastrophe losses
    wildfire.png
    Wildfires: Retro and ILS impacts could hit some harder than others
    A negative January return will be unprecedented for ILS industry.
    Fiona Robertson, 03 February 2025
  • ILS managers
    growth.jpg
    Top tier ILS manager capital base grows 4% to $86.8bn as of January
    Fermat stayed in the top spot surpassing $10.0bn for the first time.
    Jai Singh, 27 January 2025
  • Catastrophe bonds
    cat bond weekly briefing
    Cat bond sponsors targeted $860mn of new limit last week
    Secondary market pricing indicated anticipated California wildfire losses.
    Jai Singh, 27 January 2025
  • Catastrophe losses
    fire cali.jpg
    Consensus around LA wildfire loss creeps towards $30bn+
    As fires still rage, many fear early $10bn-$20bn estimates were too optimistic.
    Insurance Insider team, 14 January 2025
  • Catastrophe bonds
    cat bond weekly briefing
    Cat bonds offering lower multiples as $950mn entered the market
    Aetna, Inigo and GeoVera were the three sponsors seeking lower multiples.
    Jai Singh, 13 January 2025
  • ILS managers
    Calendar Year YoY Pricing Concept.jpg
    ILS outlook for 2025: After two strong years, what’s next for ILS
    Compressed cat bond spreads could drive some rebalancing, as M&A remains a prospect.
    Fiona Robertson, 13 January 2025
  • Catastrophe bonds
    money cash finance dollars.jpg
    Broker-dealers predict $17bn of cat bond new issuance in 2025
    The forecasts anticipate a large volume of maturities and rising sponsor demand.
    Jai Singh, 06 January 2025
  • Catastrophe bonds
    cat bond weekly briefing
    Pre-1.1 cat bonds take total 2024 issuance to $17.25bn
    First-time sponsor QBE secured $250mn of quake and storm coverage.
    Jai Singh, 30 December 2024
  • Catastrophe bonds
    cat bond weekly briefing
    Cat bond pricing suggests investor selection and sponsor timing in play
    Some $1.2bn of limit was placed in the cat bond market this week.
    Jai Singh, 23 December 2024
  • ILS managers
    hurricane ils b.png
    ILS year in review: Good returns, a near-miss storm, M&A deals and start-ups
    Casualty ILS made inroads, while hurricane hedging strategies came into focus.
    Liz Bury, 23 December 2024
  • Catastrophe bonds
    cat bond weekly briefing
    Cat bond sponsors cut offering prices amid strong demand
    Mapfre Re CEO Miguel Rosa was “very satisfied” with the debut cat bond deal.
    Liz Bury, 16 December 2024
  • Reinsurance
    usa flag sun shining.png
    Reinsurers drive 1.1 rates down as they grab for well-rated US cat
    Overall, reinsurers accepted that rate cuts were still leaving them with strong margins.
    Rachel Dalton, 16 December 2024
  • Catastrophe bonds
    cat bonds issued ILSW main pic december 16 2024.png
    Cat bond issuance on course to grow 6% to $16.8bn in 2024
    Full year 2023 set the record to beat of $15.8bn in new issuance volume.
    Jai Singh, 16 December 2024
  • Reinsurance
    Nephila-2024.png
    Nephila syndicates plan for varying growth outlook in 2025
    The top quartile, which includes Nephila 2357, were set to shrink overall.
    Ben Wylie, 12 December 2024
  • Catastrophe bonds
    cat bond weekly briefing
    Repeat cat bond sponsors continue to secure lower spreads in December deals
    Beazley returned with its second Fuchsia cat bond issuance.
    Jai Singh, 09 December 2024
  • Capital raising
    fundraising capital raise funds 4.png
    ILS fundraising shifts up a gear amid sustained strong return outlook
    Former ILS investors who left the space have looked again and re-allocated.
    Liz Bury, 09 December 2024
  • Catastrophe bonds
    finance graph trading.jpg
    New limit of $525mn entering cat bond market includes first Mapfre offering
    Fidelis is seeking more cat bond cover than it did almost a year ago.
    Jai Singh, 02 December 2024
  • London market
    A photograph of the Lloyds Building in London from ground up
    Lloyd’s disclosures imply Helene, Milton industry loss of $30bn-$60bn
    Lloyd’s has taken around 6% of aggregate US hurricane losses in recent years, and disclosed estimated net losses from Helene and Milton of $1.8bn to $3.4bn.
    Ben Wylie, 29 November 2024
  • Catastrophe losses
    hurricane satellite imagery collage.png
    Atlantic hurricane season 2024 wrap-up: Key insights in four charts
    The 2024 hurricane season stayed within predictions for high activity but lacked market-moving events.
    Mehr Gill, 28 November 2024
  • Catastrophe bonds
    cat bond weekly briefing
    US carriers target cat bond market as deal multiples hold up
    The latest clutch of offerings indicates pricing discipline in the bond market.
    Liz Bury, 25 November 2024
  • Catastrophe losses
    hurricane milton satellite noaa.png
    ILS market sizing Hurricane Milton losses at around $20bn
    Moderate impacts to ILS returns are anticipated from Hurricane Milton.
    Jai Singh, 25 November 2024
  • Catastrophe bonds
    finance graph trading.jpg
    Cat bond spread tightening continues as $600mn of limit enters the market
    Spreads at levels favourable to sponsors could power Q1 2025 pipeline.
    Jai Singh, 18 November 2024
  • Catastrophe losses
    hurricane milton damage publix palm beach gardens florida.png
    Helene and Milton: What Q3 reporting has revealed
    Helene losses were spread wider than initially suggested, in contrast to Milton claims.
    Mehr Gill, 18 November 2024
  • ILS managers
    Private Equity PE Capital Raise D&O Investors Finance Abstract.jpg
    ILS manager Q3 numbers show different rates of forward momentum
    Strong growth in fee income builds on the favourable rating environment.
    Liz Bury, 18 November 2024
  • ILS managers
    cat bond weekly briefing
    Cat bonds continue to price below guidance due to weak pipeline
    Cheaper traditional reinsurance as of mid-year may have dampened deal pipeline.
    Jai Singh, 11 November 2024
  • Catastrophe bonds
    the world bank sign world bank headquarters.png
    World Bank cat bonds: ILS market defends payout history
    The failure of a Jamaica bond to pay out following Hurricane Beryl damage has brought focus onto the deals.
    Jai Singh, 11 November 2024
  • ILS managers
    cat bond weekly briefing
    Cat bond weekly: Market activity gathers pace as prices settle below midpoints
    Some $409mn of volume entered the market in the week to 4 November.
    Jai Singh, 04 November 2024
  • Catastrophe losses
    hurricane ils.png
    ILS managers grapple with ‘surprise’ $5bn PCS Milton loss pick
    The low PCS number is presenting a challenge for ILW buyers and sellers.
    Liz Bury, 04 November 2024
  • Reinsurance
    exit sign.jpg
    Forward exit option adds to investor comfort around long-tail ILS
    Reserve risk specialist Enstar has struck its first deals in the ILS space this year.
    Liz Bury, 28 October 2024
  • Catastrophe losses
    hurricane helene damage asheville nc.png
    Munich Re disclosures may imply higher-than-expected Helene industry losses
    Assuming Munich Re takes roughly a 3% market share of hurricane losses suggests a ~$20bn industry loss for Helene.
    Ben Wylie, 22 October 2024
  • Catastrophe bonds
    cat bond weekly briefing
    Cat bond volume of $495mn has come to the market
    Managers expect Hurricane Milton losses to shore up pricing.
    Jai Singh, 21 October 2024
  • hurricane milton tornadoes damage publix commercial property palm beach gardens florida.png
    Milton: A proof of concept moment for ILS
    Many in the ILS sector are bullish on Milton losses falling at the lower end of earnings impacts.
    Fiona Robertson, 21 October 2024
  • Lines of business
    A high rise construction crane broke apart and crashed into the building across the street during Hurricane Milton on Thursday, Oct. 10, 2024, in St. Petersburg, Fla. (AP Photo/Mike Carlson)
    How Milton’s landfall south of Tampa will shape the ILS market
    Hurricane Milton will show the ILS product behaving as investors expect it to.
    Liz Bury, 14 October 2024
  • Catastrophe losses
    ALAMY hurricane milton october 8 2024.png
    Hurricane Milton: The story so far in five charts
    Milton made landfall south of Tampa Bay at Category 3 on Wednesday night.
    Ben Wylie, 10 October 2024
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