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The reinsurer’s $150mn Atlas IX Capital 2015-1 cat bond has partially triggered following an accumulation of PCS losses, sources said.
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The US remains the largest insurance market, accounting for $1.5tn of global life and non-life premiums.
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The target size shrank from 2018 after the insurer revised the renewing portfolio, with the Bermuda-listed component dropping by $143mn.
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Reinsurers that have been reliant on retro cover also pared back their market share, as the broker said mid-year renewals showed tangible pricing momentum. -
The retro writer warned earlier this month that it was increasing its loss reserves for the two events.
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ILS funds have been among the top sources of new demand since 2017, the broker said at an Aon United ILS day in London last week.
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The broker also signalled its ambition to offer passive investment portfolios to ILS investors.
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Firming market an opportunity for the growing ILS fund, according to the analysts.
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The ILS fund manager reports that the cost of reinsurance via cat bonds is now “painfully expensive” for some cedants.
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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.
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A paper by academics at Hamburg University compared the results of the Swiss Re global cat bond indices against indices from various other sectors.
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The reinsurer is looking to pay more rate to secure retro cover in a tightening market.
