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The agency noted inflows to cat bond funds and investor interest in private ILS. -
Dedicated reinsurance capital is on track to increase by 8% in 2025, the broker said.
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The broker has nearly 20 years of experience in the reinsurance and retro markets.
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The fund’s ILS portfolio is split between 70% property cat and 30% cyber risk.
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Buyers have turned to retro markets for covers where ILW pricing is less attractive.
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The team will focus on building out Miller’s property treaty, retro and ILS capabilities, it’s understood.
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The broker has also hired fellow Aon broker Barry Gordon in a role trading ILWs.
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The bond was trading at around 12.3c on the dollar in the secondary market last month.
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There is the potential for cat bond H1 issuance to be a record breaking six months.
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The role will focus on international treaty, specialty lines and strategic advisory.
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Dispersion of returns was high, with the range 0.87% to -3.71%.
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Neuberger Berman’s AuM stood at $3.2bn as of 1 January 2025.
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The offering is a collaboration with Generali and parametric carrier Descartes.
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The platform will transform ILS transactions on behalf of Jireh and SRS clients.
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The platform will match partner capital to provide capacity for reinsurance placements.
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Two 2021 worldwide aggregate ILW notes are also among the markdowns.
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The ILS and reinsurance broker was established last October by Raj Jadeja.
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Cat bonds were a key supply-side driver at 1 January 2025.
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Investment in the space comes mainly from the cat bond market, Gallagher Re said.
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Casualty ILS made inroads, while hurricane hedging strategies came into focus.
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Initial spread guidance for the three-year bond is set at 425-500bps.
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Euler ILS Partners and Tropical Storm Risk teamed up to produce an updated version of an earlier study.
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Tyler left Gallagher Re earlier this year.
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CEO Adrian Cox said Beazley’s recent $290mn ILW purchase was not driven by “capital flexibility in and of itself”.
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Latest pricing suggests secondary market traders are baking in further loss development.
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The firm will provide an update on 22 November to avoid holiday season.
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The low PCS number is presenting a challenge for ILW buyers and sellers.
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The loss tally is considerably lower than estimates issued by model vendors.
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Cat bonds, private ILS and retro were all kept at “strongly overweight”.
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Hurricane Milton will show the ILS product behaving as investors expect it to.
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The event has spared (re)insurers the more extreme scenarios that were under discussion earlier this week.
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Collateralised reinsurance and retro are in the firing line.
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The deal has reduced the carrier’s one-in-250-year cyber loss scenario from $651mn to $461mn.
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The firm’s deals so far have covered cat risk, with space ILS in scope for the future.
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The ILW specialist is believed to be exploring new opportunities.
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The insurer said once firms give up lower attachments or aggregates they “simply do not get them back”.
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Insurance Insider ILS reported in June that the company had bought substantial ILW coverage.
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Cat bonds, private ILS and retro are "strongly overweight".
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The fund follows an earlier climate change-focused ILS initiative from the firm.
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The broker estimated ILS capacity reached a record $107bn as cat bond interest surged.
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ILS capital so far is viewed by sponsors as strategic rather than essential.
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The firm is the sole provider to offer index services in the US.
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Concerning hurricane forecasts are among the factors driving tighter reinsurer capacity.
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Top layer competition is an added pressure on ILS firms, but the impact can be overstated.
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The second part of the PoleStar Re issuance takes the bond's total volume to $300mn.
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Dan Vestergren has started investing in cat risk but the firm may look more broadly over time, sources said.
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Rates are still materially higher than pre-pandemic and lower layers are holding firmer.
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