Rates

The outgoing CUO emphasises large pro-rata book and interest rate impact.

The utility spent 13% more to secure its insurance but cut back third-party cover to $870mn.

The French reinsurer guides away from an equity raise as it predicts further rate hardening.

A hardening market could encourage diversification away from property catastrophe, the ratings agency says.

Cat programmes have been completed this year, but a heavy hurricane season could shake up the market, the broker said.

The start-up carrier had initially sought $150mn of North American storm and earthquake cover from its first-ever cat bond.

The rating could fall if the company fails to meet deadlines, the agency has warned.

Twelve Capital's Urs Ramseier says the potential for more distressed opportunities to appear will depend on the extent to which carriers pass on increased reinsurance costs to policyholders

The European earthquake bond will pay investors a 450 basis point spread.

Cat bond investors received better risk-adjusted rates on new issuances, but lower risk levels meant average spreads fell year on year.

The consultancy firm also argued that the World Bank should buy more pandemic cover after receiving a payout under its cat bond programme.

Rate increases should continue but may be increasingly fragmented by January 2021.