Rates
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The bonds could trigger this year if the pandemic drives mortality rates sufficiently high.
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The ILS market has used every reversal as a base for its future growth and this should happen again after Covid-19, the firm argued.
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Underwriters will likely keep pushing for higher rates, the rating agency said.
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Pre-Covid-19 mortality risks generally provided low single-digit returns, but significant repricing is underway.
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Allstate sets the spread for riskier second layer at 1,275 bps in the upper range of the initial guidance.
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Pricing for quake exposures is understood to be broadly flat. -
Pricing has moved to the top of the guidance range, sources said.
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John Seo noted the diversification benefits ILS offers in tumultuous times as cat bond segment avoids spillover from market turmoil.
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The carrier is pushing for “payback across portfolios”, Scor’s global P&C CEO Jean-Paul Conoscente said.
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The carrier said it has already secured two-thirds of the private reinsurance limit it will place this year.
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Pricing on the new cat bond moved to the top end of guidance.
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The firm will consider writing more retro after raising $300mn new equity.
