Renewals

The CEA expects new revenue bonds could reduce its risk transfer needs by $300mn.

The manager has offered to repurchase up to 22.5 percent of its Reinsurance Risk Premium Interval Fund, well above the usual 5 percent buyback offer.

The January 2020 sidecar renewal season could emerge as a turning point in the evolution of reinsurer ILS tactics and strategies.

The insurer placed 35 percent less aggregate limit than in 2019.

Intermediaries called the renewal “asymmetric” and “divergent” as rates began to move up after a pressured few years.

Overall sidecar capacity has been cut by more than 20 percent, sources estimate.

The funds raised for Eden Re II this renewal have reached $285mn down from $300mn last year.

The deals include a $30mn aggregate and a $110mn all-other-perils deal.

The deal may replace a $55mn sidecar listed this time last year, which sources said provided reinsurance for a short-tail property insurance book.

Peak Re was able to increase sidecar cover for its global property reinsurance risk portfolio amid stalling ILS capacity this renewal.

The reinsurance market has scrambled its way through the January renewal season in typical festively messy fashion – but in the sober light of New Year it will be mulling over several key issues that will set the trend for the rest of 2020, with change far from complete.

The government secured a slight expansion in the level of cover obtained across the middle layer of the programme.