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Nephila Syndicate CEO Adam Beatty said that the firm hopes to grow its new specialty syndicate to $500mn of premium within the next few years.
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The philosophy of the Pioneer Cat Bond Fund is to avoid poor performers, not pick winners.
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The former Aspen Capital Markets COO hopes to set up fronting partnerships for reinsurers wanting to build out in ILS.
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Beazley’s $45mn first-time cyber cat bond offered all-perils coverage, though some expected early deals to start with limited scope.
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The insurer secured 22 investors with its first public cat bond offering, having previously done a private deal.
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The incoming president for insurance also highlighted the role Nephila could play in the transition to net zero.
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Fidelis chairman Richard Brindle said a shift towards named cat perils and away from complex structures is underway, but that carriers need more unity between inwards and outwards teams to navigate the harder market.
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Allianz Global Corporate & Specialty (AGCS) is adding five new roles dedicated to ILS alongside an expansion of the ART team.
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The reinsurer is ready to “walk away from business” where it feels pricing and terms and conditions are not good enough.
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The Category 1 storm’s landfall on the east coast of Florida would be a “manageable” cat event that hurts primary carriers more than their reinsurers, he said.
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Transparency and alignment of interests are the keys to expanding casualty ILS.
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The Gulf Coast state is keen to distance itself from Florida’s insurance woes but is resistant to some underlying changes.
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