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There have been few retro exits despite softening amid cat bond competition.
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Non-loss impacted major property program rates were down by up to 20% at the renewal period.
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The ILW segment shrank in 2025 to around $6bn, the broker estimated.
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Potential sidecar investors include alternative asset managers and ILS firms.
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Q2 was the largest quarter for issuance, with $9.6bn of limit placed.
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The casualty-focused retro vehicle has produced an annualised RoE of 20% since 2020.
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Cedants pursued property renewals “aggressively” amid excess reinsurer capacity.
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The transition reflects ongoing growth at Swiss Re’s ILS platform, the firm said.
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The placement showed investor preference for slightly riskier aggregate deal.
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The fund limits positions in aggregate structures exposed to secondary perils.
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The company said the move was a key part of its risk-diversification strategy.
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Cat bond market growth has exceeded broker-dealers' 2025 forecasts by some distance.
