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The firm’s flagship reinsurance strategy delivered its best performance in its 10-year history. -
The broker said global cat rates rose 3% in the 1 January reinsurance renewals.
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The firm’s reinsurance leader said over-subscriptions on cat reinsurance programmes have been driven by a psychological shift.
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The multiple on the deal has settled at 2.3x the sensitivity case expected loss, down from 2.6x, according to initial pricing guidance.
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The broker’s 1st View report predicted that cat bond issuance should remain elevated until at least Q2 2024.
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Tsunami warnings were initially issued following the earthquake but were subsequently downgraded.
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Guy Carpenter said overall reinsurance capacity ranged from "adequate to ample" in the 1.1 renewal, with its estimate of ILS growth coming in ahead of mid-year projections.
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Fermat managing director Nelson Seo has forecast that continued high demand could push ILS issuance volumes even higher in 2024.
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The deal will benefit Lloyd’s Syndicate 1301 and provide annual aggregate cover on a PCS industry loss basis for US named storm and North America quake.
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The deal closed at the top end of the Farm Bureau’s revised target size, having grown from an initial $200mn offering.
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The bond, which increased in size by 25% to $125mn, priced at the lower end of the previously guided range.
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The $50mn bond provides coverage against systemic cyber events in the US and District of Columbia.
