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The Cayman Islands-domiciled SPI now has four institutional backers. -
Property cat-focused sidecar capital was up by approximately 10% in H1.
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The company said the reduction was due to years of steady improvements.
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The programme’s total limit this year is down $594mn to $1.36bn.
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The sidecars will provide capacity for reinsurers and large insurance carriers.
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The new unit – Ceded Re – will operate under the leadership of Guy Van Hecke.
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Buyers have turned to retro markets for covers where ILW pricing is less attractive.
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HCI secured three towers with $3.5bn in XoL coverage.
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The total cost excluding a 15% quota share was $201.85mn, with rates down 12.2% from last year.
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The Floridian also secured $352mn of multi-year coverage extending to 2027.
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Property cat XoL rates were off by around 10% on average on a blended risk-adjusted basis.
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The ILS market has won market share at the top of programmes as buying expands.
