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Sources told Trading Risk that a different kind of investor was interested in ILWs compared with retro cat bonds. -
Rates are still more than 40% ahead of the pre-Hurricane Irma trough in late 2016.
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Richard Anson previously served as head of ceded reinsurance at Antares and reinsurance manager for Aviva.
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May and June people moves included several former Aon retro executives taking on new roles at challenger broker Lockton Re, longtime Credit Suisse executive Marcel Grandi moving to an advisory role at Twelve Capital, and several underwriting moves in Bermuda.
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Reinsurers are talking about a new era of elevated risks, but their behaviour may signal a more relaxed view heading into 2022.
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Davies most recently served as head of global Re specialty Bermuda for the firm’s reinsurance division.
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The former Peak Capital CEO has left the ILS platform he set up.
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The fund will limit capacity to $400mn or 1.5% market share, and minimise exposure to secondary risks.
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It will look to raise between $240mn and $300mn from the bond which was initially marketed at the bottom end of this range.
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The carrier has shaved 50 basis points off the projected coupon for the ILW bond.
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There is little sign of retro demand returning after buyers cut back in January.
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Divergence between appetite for upper and lower layer reinsurance risk may drive some panel turnover, and disadvantage some segments.
