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The firm assigned a neutral outlook overall to ILS but is strongly positive on many non-life risks as it seeks diversifying strategies that can withstand inflation.
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The state-backed carrier bought two-thirds of its programme in the collateralised market.
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The agency said casualty risk was attractive to investors for its low-to-moderate correlation.
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The decade from 2010 ran the full gamut of catastrophe loss experience, reminding us that there is no such thing as a "new normal" in the world of ILS.
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Rates have climbed 20%-35% since 1 January, and 40%-50% year on year, sources estimated.
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The firm aims to build on the origination capability of Fleming Re and Accelerant.
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Chris Harding and James Ferris have been appointed as directors of capital and risk advisory, effective April 2022.
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It noted that its aviation and marine books are covered by retro although its exposure is “not very material”.
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It will offer components for buyers looking for indemnity, parametric or blended coverage.
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The carrier took a net EUR838mn of cat losses in the full year.
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The carrier’s whole-account XoL retro also shrank by a similar margin.
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The issuance is a similar size to that of 2021 and significantly larger than that of 2020.