ILS

The company said the result was "encouraging given the challenges of ILS capital raising".

The New York-based executive had been one of the firm’s co-heads of ILS, leading on investor relations and sales.

He joins the division during a period of growth, with GWP surpassing $1bn for the first time in 2022.

The bond giant had around $770mn in ILS assets as of mid-2022.

There are enough drivers supporting the trend for cat bond segment growth that ILS managers are likely to be plugging this business heavily in the short term, even if it is less attractive in fee yield.

The uplift was helped by the Atropos Catbond fund surpassing $1bn.

The asset class is finding favour particularly with allocators that have been watching returns play out over the long-term horizon.

February is the second month in a row where all the funds in the Eurekahedge ILS Advisers Index made a profit.

Cat bond pricing has fallen by about 12% since year-end but margins are still strong enough that the market could be set for meaningful growth, the broker forecast.

The firm identified market inefficiencies in its analysis of loss data.

The real test for cat capacity will come at the mid-year point, according to Gallagher Re.

The new higher-rate world brings the threat of some investors staying in a risk-off mentality.