Rates

The volume of ILS issued in Bermuda was $24.8bn, representing almost three-quarters of $33.3bn of outstanding capacity.

Global reinsurance head Juergen Graeber said as several Japanese carriers bought aggregate cover, the recent typhoons would lead to “detailed discussions” with clients

There may be isolated rate rises, said reinsurers at the Monte Carlo Rendez-Vous.

ILS managers' income is going to be dented by lost performance fees.

CEO Dominic Addesso said it was a mistake that early favourable loss reports had not set off “alarm bells” for the company.

RenaissanceRe CEO Kevin O’Donnell told analysts: “It feels like the wind is at our backs again.”

Some 78.6 percent of investor votes were cast, of which 97.7 percent were in favour of the wind-up.

ILS managers were offering larger line sizes and seeking to compete more often on reinstateable layers in the Florida June renewal, Willis Re observed in its mid-year 1st View report.

ILS premiums steadied after a 9.5 percent drop in the first quarter, according to Lane Financial's benchmark.

In its 1st View report the broker said the impetus for risk-adjusted rate increases had stalled at the June and July renewals.

Reduced exposures enabled the insurer to cut its spend, after ceding $600mn in losses to reinsurers last year.

The postponement will provide time for Citizens to assess policy changes that take aim at assignment-of-benefits abuses.