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Along with its reinsurance platform, the company plans to help brokers hold in-house auctions.
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The intermediary cited Convex and Vantage among new entrants adding capacity to the market at the renewal. -
US contracts are still pricing at a 10%-15% premium to January 2020 levels, but excess retro capacity may impact the smaller market.
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The move is part of a wider expansion in BMS’s reinsurance broking capabilities.
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By year-end some bonds were trading at above-par levels that put implied spreads 15%-28% lower than mid-year when the deals were issued.
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The new capacity for the sidecar first launched in 2019 will be invested solely in EBRD bonds.
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The new classification will allow the carrier to increase GWP and third-party risk.
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The retro specialist joins the firm as it prepares to expand its reinsurance interests after spinning out of Willis.
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Slew of maturities and competitive pricing environment make the cat bond market attractive for sponsors, brokers say
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Centeno has three decades of insurance experience and focuses on D&O, M&A and tax liability cover.
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Tougher positioning by reinsurers at the 1.1 renewal accelerated the practice of placing business at differentiated terms, Irvan said.
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The deal “may reduce choice” for cedants in choosing reinsurance brokers, the EC said.
