Rates
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The capital raise boosted Fidelis’ share base by 45 percent of pre-transaction equity. -
Avatar has increased the spreads on its new Casablanca Re bond just a week after hiking them by 16-18 percent.
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Trading was brought forward this year and more cedants could head to bond market.
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RPP covers, previously dominated by ILS writers, were one of the areas in shortest supply.
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Property catastrophe reinsurance rates rose by 26 percent at the 1 June renewals, according to the London broker.
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Multiple carriers had to revise official terms to get programmes home as reinsurers held firm on price demands.
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The CIAB’s latest market survey also found carriers pushing for higher deductibles.
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Small increases on international cat treaties such as the New Zealand EQC are being welcomed by reinsurers, with US nationwide deals also rising by up to 15%.
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Earlier this month, the carrier said it wouldn’t renew its 2017 Torrey Pines Re cat bond.
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After the immediate claims hit, reinsurers face the prospect of harder rates but shrinking premium volumes in some lines.
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Reinsurers have held the line on pricing as cedants seek to close out deals, with the market showing further hardening.
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Capitol Preferred cancelling over 23,000 policies could drive customers to state-backed insurer Citizens.
