Swiss Re

The final couple of months of 2018 brought further pain for sidecar investors.

Due partly to loss creep from Irma, ILS losses have been eked out throughout the year.

ILS broker-dealers expect 2019 cat bond issuance to range from $7bn to above $10bn.

The Californian wildfires, Hurricane Michael and Typhoons Jebi and Trami pushed up losses.

Reinsurers are still figuring out just how costly 2018 was in terms of disaster losses – after all, 2018 has only just wrapped up and events such as the Sydney hailstorms lumped on further costs late in the year.

Rick Pagnani was most recently CEO of Everest Re’s Mt Logan vehicle.

Looking ahead to the rest of the year and 2020, how likely is it that the industry will hold to its resolutions?

The insurer has dropped Maiden Re for the quota share arrangement on the $2.9bn book.

The government also said it is exploring the possibility of issuing a cat bond in the near future.

Javier Rivas left the company last month for a new role at the Spanish life insurer.

The reinsurer’s Sigma report says just over half of economic losses were insured, as in 2017.

The outbreak is eligible for cover under a 2018 pandemic cat bond sponsored by the World Bank.