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The unit will be led by Ed Hochberg, global risk solutions leader at Guy Carpenter. -
The broker deal has projected cat bond new issuance of $19bn-$21bn for 2026.
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The index returned 10.4% for the 11 months to the end of November.
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Ashleigh Edwards will report to group CUO Mark Pepper.
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The Aon Cat Bond Total Return Index delivered gains of 11.6% in 2025.
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Investor appetite for bonds is exerting pressure on traditional retro providers, according to Gallagher Re.
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Both lower multiples and potential Fed rate cuts will pressure returns.
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New issuance will be supported by new sponsors as well as over $13bn in maturities.
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The ILS AuM in its flagship cat funds rose 13% over the half year to $6bn as of 31 October.
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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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Cat bond market growth has exceeded broker-dealers' 2025 forecasts by some distance.
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This was the second issuance completed by Farmers via its Bermuda reinsurance vehicle Topanga Re.
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The SPV will underwrite a “broad and highly diversified” portion of Amwins’ ~$6bn delegated authority premiums.
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The finance committee discussed shifting market dynamics as tort reform takes effect.
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Los Angeles wildfires and SCS pushed US losses to $89bn.
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CA Fairplan’s Golden Bear Re deal upsized 200% to $750mn.
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The industry has continued to build and innovate through a third strong year of performance.
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The outlook flags “large uncertainties” amid possible El Niño through summer 2026.
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The note is paying a spread of 975bps, 11.3% below the midpoint of the initial guidance range.
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Man AHL Cat Bond Strategy has $1bn in assets, around 2% of Man AHL Partners’ total of $54bn.
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The TPA approach to investing was adopted by US pension fund Calpers last month.
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The offering is born out of software Ledger developed to manage its own portfolio since 2021.
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Global insurance premiums reached an all-time high of $15.3bn by year end 2024.
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Migdal Insurance placed its debut cat bond Turris Re for $100mn of quake limit.
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Several Lloyd’s syndicates are also now providing cover for the federal insurer.
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The sponsor is offering two notes but will only place one depending on market interest.
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Secondary market pricing implies the sponsor could recoup a total of $50mn on the 2022-1 A note.
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An “extraordinary” proportion of storms reached Category 5 status this year.
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One fund tracked by the index had a negative month.
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The fund held $10mn in AuM, with $3mn the minimum investment required.
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North Carolina Farm Bureau raised $500mn with its latest Blue Ridge Re cat bond deal.
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The single note is offering an effective coupon of 23.5% at the midpoint of guidance.
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Fontana 2.0 will encompass a more flexible investment strategy than the 2022 vehicle.
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The cat bond market is on course for $56bn of notional outstanding by the end of this year.
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The outcome of Eaton Fire subrogation is an uncertainty for some vehicles.
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The peril has been historically difficult to model compared to others.
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Insurers with SCS exposure reaped fewer benefits but still improved over Q3 2024.
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The issuance will be the fourth deal offered by the Lloyd’s carrier.
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The shift in multiples is indicative of price softening in the cat bond the past two years.
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Japanese firm MS&AD acquired 80% of ILS manager Leadenhall Capital Partners in 2019 from another affiliate.
