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The bond will renew only part of previous Blue Halo cover benefitting Nephila's fronting partner.
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The platform said a narrowing spread between buy and sell offers on ILWs suggests more trades will clear.
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Reinsurers have held the line on pricing as cedants seek to close out deals, with the market showing further hardening.
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ILW volumes could grow by more than 25 percent in 2020 as reinsurers seek alternatives to indemnity retro cover, sources said. -
The sidecar’s AuM has held steady and remains an important hedging mechanism to the reinsurer, it said.
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The carrier flagged that it has lower quota share and ILS support this year.
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The Markel co-CEO said the firm was warehousing retro risk until it raised capital for new platform Lodgepine.
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The dispute centres on ILWs that used Munich Re loss estimates as their trigger.
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The broker said Covid-19 industry claims should be manageable but the disaster makes a broader capacity squeeze more likely.
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The marketplace said $87mn in capacity was offered in the past week's auction.
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The fund generated more than double the return on the Swiss Re Cat Bond Index in Q4 19.
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Tremor’s CEO said the “(re)insurance market must remain open for business” during this turbulent period.
