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EMEA CEO Laurent Rousseau said reinsurance must retain its relevance to investors. -
The reinsurer stressed it “did not shy” from cat business in 2023.
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The new Verisk SCS model is increasing expected losses on aggregate bonds.
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Reinsurer executives during a Aon reinsurer panel stressed that the industry worked hard on setting the right structure.
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The market has learned lessons from earlier soft market phases that it will apply now.
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Terms are expected to hold, underpinning the stronger recent performance of reinsurers.
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The volume of property cat aggregates placed grew 50% in 2025.
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The trend for private credit in alternative asset management is “set to continue”.
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The ratings agency warned negative PYD on US casualty will likely continue.
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The agency noted inflows to cat bond funds and investor interest in private ILS.
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Dedicated reinsurance capital is on track to increase by 8% in 2025, the broker said.
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In the US, the index fell 6.7% year on year.
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The Cayman Islands-domiciled SPI now has four institutional backers.
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Property cat-focused sidecar capital was up by approximately 10% in H1.
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The company said the reduction was due to years of steady improvements.
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The programme’s total limit this year is down $594mn to $1.36bn.
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The sidecars will provide capacity for reinsurers and large insurance carriers.
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The new unit – Ceded Re – will operate under the leadership of Guy Van Hecke.
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Buyers have turned to retro markets for covers where ILW pricing is less attractive.
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HCI secured three towers with $3.5bn in XoL coverage.
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The total cost excluding a 15% quota share was $201.85mn, with rates down 12.2% from last year.
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The Floridian also secured $352mn of multi-year coverage extending to 2027.
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Property cat XoL rates were off by around 10% on average on a blended risk-adjusted basis.
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The ILS market has won market share at the top of programmes as buying expands.
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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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As with 2024, pricing pressure has been most acute on top layers.
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The total cost for the program increased 1.8% from last year’s.
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Its 2025 programme exhausts at $9.5bn excess $1bn.
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Fully placed, this would equate to $275mn on the per-occurrence tower and $675mn on agg.
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The ILS segment is not ready to gloss over loss-heavy years in renewal discussions.
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The mega cat bond season in Q2 last year recorded issuance of $8.2bn.
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Island appetite remains stable, but early 2025 loss activity has injected fresh uncertainty.
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Some $4.8bn of reinsurance and cat bond limit will come up for renewal in 2025.
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The programme structure was expanded, but it is unclear what percentage was placed.
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The terrorism pool has shifted its programme from facultative to an XoL arrangement.
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The carrier increased premium by 7% at the January renewals.
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