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The ILS AuM in its flagship cat funds rose 13% over the half year to $6bn as of 31 October. -
There have been few retro exits despite softening amid cat bond competition.
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Non-loss impacted major property program rates were down by up to 20% at the renewal period.
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The influx of capital, combined with a quiet wind season, led to favorable conditions for cedants during 1.1 renewals.
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Cedants pursued property renewals “aggressively” amid excess reinsurer capacity.
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The transition reflects ongoing growth at Swiss Re’s ILS platform, the firm said.
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The placement showed investor preference for slightly riskier aggregate deal.
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The fund limits positions in aggregate structures exposed to secondary perils.
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Reinsurers could use retained earnings to target growth and buy more retro.
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The SPV will underwrite a “broad and highly diversified” portion of Amwins’ ~$6bn delegated authority premiums.
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The facility provides solvency support via a fresh equity injection under various scenarios.
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The Carlyle and Hellman & Friedman vehicle will sell for 1.5x book value.
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