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Trapped collateral left overall capacity flat, despite a 5 percent increase in rated capital.
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Hyperion X estimated retro rates have risen to around 140 percent of their pre-Irma levels.
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The broker's chairman of international business James Vickers said reinsurers are only trimming capacity on the edges of the cat market. -
The broker’s 1st View report highlighted diverging reinsurer tactics and segmented renewal outcomes.
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The carrier renewed about a third of its $1.2bn earthquake cover.
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The reinsurer was among the blue-chip cedants to benefit from an earlier renewal and occurrence structure.
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Risk-adjusted rate increases have put returns back to 2014 era benchmarks, sources estimated.
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The vehicle is a PGGM investment with Munich Re, complementing the latter's Eden sidecar.
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Underlying rate increases are ranging from 10-25 percent for US regional insurance binders.
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The main disrupted segments are still aggregate retro and sidecar vehicles, where negotiations over the level of trapped capital have held up the renewal process.
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It is the first ILS vehicle to receive the credential from the FNG.
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Any lack of retro support could push reinsurers to reduce their gross footprint in the Sunshine State, suggested Validus Re's Chris Silvester.
