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As the P&C market shifts, carriers are looking for growth from acquisitions. -
Competition on price from traditional markets is weighing on bond market momentum.
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Investor interest is warming up following a colder spell over the past several years.
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The market has learned lessons from earlier soft market phases that it will apply now.
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The leadership’s commentary spotlighted to value of ILS to the group.
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The reinsurer’s capacity is hugely important to ILS firms, with few alternative providers.
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M&A and shifts in distribution arrangements bring risks and opportunities.
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The ILS market has won market share at the top of programmes as buying expands.
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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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Indirect exposure to cat risk through long-term investors gives Markel optionality.
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Island appetite remains stable, but early 2025 loss activity has injected fresh uncertainty.
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Several Florida start-ups are poised to begin writing business this year.
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Wildfire is rarely singled out as an exposure that can shift portfolio outcomes.
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Management track record has been a factor in capital raising for 2025.
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Many in the ILS sector are bullish on Milton losses falling at the lower end of earnings impacts.
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A $40bn Milton loss should barely dent many ILS returns but will trap some capital.
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Floir approved nearly 650,000 policies for takeout from Citizens for October and November.
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Winning higher-fee private ILS mandates will strengthen firms’ negotiating positions.
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ILS investors’ stress over Gibson Re is unlikely to inhibit legacy ILS’s future.
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Reinsurer-managers are building out asset management infrastructure as they expand.
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Relentless focus on annual outcomes provides a packaging that doesn’t fit the purpose.
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Reinsurers are much better placed to absorb cat losses; insurers are carrying more risk.
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Top layer competition is an added pressure on ILS firms, but the impact can be overstated.
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Various trends may work together to hold the cat markets up for longer than some had feared.
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Pockets of new capital will not shift pricing at mid-year.
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The depth of the retro market recovery will be an influential factor in the pace of the cat market slowdown from here.
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Cat bonds and sidecars are well positioned for growth, while private ILS will benefit from further innovations to improve liquidity.
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Competition for remote risk deals intensified as more capital has targeted the swathe of business that has historically been the heartland of ILS.
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The cost of maintaining a team to service institutional investors does not always weigh favourably versus bringing in ILS capital.
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Prior-year cat loss years that are finally shaking out drove fee benefits in Q3.
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Fermat’s John Seo said the industry can “see the wall of money coming in, but it’s coming in slowly”.
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A number of players suggested that the cost components of first-party claims were up between 30%-50% on that seen during Ransomware Wave One.
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A challenge facing the industry in the years to come is the question of how can it move through a rotation of its investor base to capture the growth opportunities that have arisen.
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The obvious question is where is the capital behind the letters of credit that were being pledged on its transactions.
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With fundraising still difficult outside the liquid ILS segment, managers are looking for ways to shore up their economic proposition.
