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Plianthus joins from Marsh, where he was SVP for eight years.
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The total yield is down 114bps from 9.94% compared to the final week of 2024.
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The broker deal has projected cat bond new issuance of $19bn-$21bn for 2026.
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The carrier first issued Phoenix in 2021 with a size of $42mn.
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The ILS manager now has 13 individual partners and one corporate partner.
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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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The influx of capital, combined with a quiet wind season, led to favorable conditions for cedants during 1.1 renewals.
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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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Reinsurers could use retained earnings to target growth and buy more retro.
