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Rates are believed to be around 15-30 percent up in the retro market, helping in turn to support increased rates in the Florida renewal. -
The reinsurer is looking to pay more rate to secure retro cover in a tightening market.
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The reinsurer has expanded its retro sidecar by more than a quarter from the previously estimated size of $531mn.
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Gregory Murphy believes cedants have too little information about reinsurers’ exposure to the retro market.
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The reinsurance fund has ramped up in recent years to $700mn-$800mn.
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A drought of retro cover may bolster Florida rate demands, sources suggest.
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The fund’s ordinary shares added 0.85 percent during the month.
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The reinsurer’s non-life combined ratio deteriorated to 97.7 percent despite an improvement in P&C results.
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The sidecar was established in 2017 to provide support for Hamilton Re’s reinsurance portfolio.
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The new cat bond lite transactions include an unusual collateralisation feature for second-event covers.
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New aggregate demand from Japanese cedants may also present opportunities for ILS markets.
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