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ILS offers efficient capital for underwriters, but casualty ILS transactions are complex. -
The $2.59bn renewal is up 45% from last year.
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The cat bond limit total is an uplift of around 60% on the carrier’s 2024 bonds.
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Fox highlighted the increasing role of alternative capital and creative financial vehicles.
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Proceeds will expand the company’s reinsurance protection in Florida and South Carolina.
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The buzz in the air at ILS Connect told of a market entering its next growth phase.
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The initial offering will include 6,875,000 shares of common stock.
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The carrier is offering shares priced at $29-$31.
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The casualty ILS business now has $175mn in capital.
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An allocation to insurance could “feel like a nice, calm port in the storm” amid wider market volatility.
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Portfolio rebalancing was not triggered last week, but investors are now distracted and nervous.
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The Swiss pension fund’s ILS allocation stood at 4.9% of the total fund as of 25 March.
