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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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Gordon was set to join start-up brokerage Juniper Re last month.
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The Mexican government’s IBRD quake bond priced 4% ahead of guidance.
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Various trends may work together to hold the cat markets up for longer than some had feared.
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Increased ILW purchasing reflects cash-rich funds looking to protect return levels.
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Juniper Re Bermuda received preliminary approval from the BMA last month.
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The state carrier is moving to redeem its 2022 Everglades issuance a year early.
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The challenger broker is continuing to build out its presence on the island.
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The broker platform has managed nearly $100mn of capacity.
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Typical ILW attachment points for US peak perils have fallen from $60bn to $40bn-$50bn as the market awaits the final Hurricane Ian number from PCS.
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The investment firm said cat bond spreads that are elevated relative to historical levels continue to offer an attractive entry point for investors.
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The sidecars segment has been attracting inflows after returns hit a high note in 2023.
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The deal was brokered by Gallagher Re and provides US cyber insurance event protection.
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In its semi-annual report for the six months to 31 July 2023, the manager said the fund had returned 2.74% over the half-year.
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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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Highlighting regions where the demand for SRCC products is increasing, stakeholders can tailor offerings more effectively, the PCS said.
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The cost of maintaining a team to service institutional investors does not always weigh favourably versus bringing in ILS capital.
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Alexander will join after his competitive restrictions are up.
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Morrison spent four years as an underwriter at Securis before moving to Aeolus in 2018.
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ILW limit of around $1bn could change hands depending on where the Hurricane Ian industry loss number settles.
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The firm’s 1st View report on the July renewals also flagged that an oversupply of ILW capacity may bring down attachment points relative to early 2023.
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The broker estimated global reinsurance capital rose by $30bn over the first quarter, with a 7% uplift in alternative capital and a 5% recovery to traditional equity.
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The $49.4bn number remains below a critical ILW threshold.
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The bond provides coverage for North America storms and earthquakes, as well as European windstorms.
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Industry loss triggered deals offer a degree of simplicity to investors seeking index-linked exposure.
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