ILS
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Many private deals featured in final renewals negotiations as overall cat risk appetite was cut back, with some ILS segments hard-hit. -
The carrier's first cat bond featured a new subrogation extension mechanism.
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As the renewal is expected to spill over into 2022, the two-speed market will put pressure on retro-reliant carriers.
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The fund was set up in 2019 with $150mn and the aspiration to cover a range of risks.
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The former Swiss Re Capital Markets executive will report to ILS unit CEO Paul Schultz.
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The transaction provides reinsurance capital from four pension funds and marks the second use of the Lloyd’s ILS transformer vehicle.
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The move follows an ongoing battle between board members and staff over investment tactics, according to local reports.
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Pricing was generally stable but investors are showing more aversion to specific climate-exposed perils, sources noted.
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CyberCube forecast further capital market capacity will hit the cyber insurance market next year.
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The Singaporean authority is understood to have pursued a higher risk-return strategy within the asset class.
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The bank’s ILS team said they would favour remote, occurrence named peril structures to minimise increased climate exposure.
