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The bond will provide protection against US wind with a PCS trigger. -
The carrier will continue to write assumed retro in Bermuda.
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The sidecar will support five programs providing specialty frequency coverages.
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The market has learned lessons from earlier soft market phases that it will apply now.
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Nick Fallon is the latest in a string of retro-broker moves in the market.
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Syndicate 1440 was approved to assume business incepting January 2026.
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The ratings agency warned negative PYD on US casualty will likely continue.
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The CUO has added the role of head of private ILS, joining the executive team.
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The reinsurer’s capacity is hugely important to ILS firms, with few alternative providers.
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Reinsurers are confident on cat rates and ready to deploy ILS capital.
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The firm’s ILS vehicles posted low single-digit growth in assets under management in Q2.
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The reinsurer plans to repeat its 2025 purchasing for property and specialty protections.
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The firm booked net losses from the LA wildfires of EUR615.1mn in the first half.
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This brings the carrier’s total limit on the program to $1.8bn.
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The Bermuda SPI will write a quota share of SageSure’s captive Anchor Re.
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The broker has nearly 20 years of experience in the reinsurance and retro markets.
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The Diversified Alternative Fund’s allocation to cat bonds was up by 31% from $386mn at 31 January.
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The fund’s ILS portfolio is split between 70% property cat and 30% cyber risk.
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The third-party capital manager is a new entrant to the retro space.
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Buyers have turned to retro markets for covers where ILW pricing is less attractive.
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The Bermuda-based team is led by John Fletcher.
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ILS offers efficient capital for underwriters, but casualty ILS transactions are complex.
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The Altamont-backed broker has been building out its team since launching in 2023.
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One dollar-denominated deal has opted to hold collateral in EBRC notes.
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Price guidance for the bond is 4.00%-4.50%.
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The reinsurer has already dipped into the cat bond market with its Stabilitas Re retro deals.
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Wildfire losses from fronting and ILS activities were EUR438mn.
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The team will focus on building out Miller’s property treaty, retro and ILS capabilities, it’s understood.
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The buzz in the air at ILS Connect told of a market entering its next growth phase.
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Investor interest and capital flows point to potential for ILS proliferation.
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The firm announced CEO Trevor Carvey will retire and is returning to the UK from Bermuda.
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The deal is 45% larger than 2024’s issuance after attracting a “greater number of investors”.
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This will be the third cat bond issuance through Baltic Re PCC.
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The cat bond manager warned of excess downside risk owing to an accumulation of losses.
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The reinsurer had taken the opportunity to buy more limit across event and aggregate covers.
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The largest individual net loss at EUR230mn was caused by Hurricane Milton.
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The role will focus on international treaty, specialty lines and strategic advisory.
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The role oversees the $187bn Canadian pension plan’s ILS allocation.
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The cost of reinstatement was included in $170mn wildfire net loss figure.
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The terrorism pool has shifted its programme from facultative to an XoL arrangement.
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DaVinci equity plus debt stood at $3.25bn as of 31 December.
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The firm ceded $417mn of premiums to the sidecar in 2024.
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Wildfire loss ‘serves as a strong reminder not to unwind hard-fought for rates and terms’, the executive said.
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Scrocca will be based in Bermuda on focus on underwriting and risk sourcing, among other things.
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The deal is being issued through Lloyd’s London Bridge 2 PCC.
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The bond will provide coverage for named storms in North Carolina.
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The reinsurer has cut the cession rate to 33% from 40% last year.
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Theokli joined the company in 2021 as a senior underwriter.
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The reinsurer added two new tranches to its 2025 issuance.
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Peril- and geography-specific deals are being well received by investors.
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A negative January return will be unprecedented for ILS industry.
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The index delivered a total return of 1.29% for the month of December.
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The renewal marks the seventh issue of the retro vehicle.
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Investment in the space comes mainly from the cat bond market, Gallagher Re said.
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Over-subscriptions have been evident on well-priced US cat treaties.
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Increased reinsurance capacity was more than sufficient to meet continued growth in global demand.
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The firm has commenced writing collateralised retro and reinsurance but its rated launch is still pending.
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First-time sponsor QBE secured $250mn of quake and storm coverage.
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Recoletos Re DAC SPI takes its name from the Paseo de Recoletos boulevard in Madrid.
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The firm said it benefited from favourable retro market conditions.
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The firm has added three new retro partners during 2024.
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Former ILS investors who left the space have looked again and re-allocated.
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Management track record has been a factor in capital raising for 2025.
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Fidelis is seeking more cat bond cover than it did almost a year ago.
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The firm is understood to be reviewing contracts to bind coverage for 1 January.
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The reinsurer took $743mn of nat-cat losses in the quarter.
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Tyler left Gallagher Re earlier this year.
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The reinsurer confirmed its intention to reduce the K-Cession sidecar for 2025.
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The low PCS number is presenting a challenge for ILW buyers and sellers.
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The reinsurer is planning to drop its cession rate from 40% to 30%-35%.
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The loss tally is considerably lower than estimates issued by model vendors.
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Cat bonds, private ILS and retro were all kept at “strongly overweight”.
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