Trading Risk February 2018
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Mercer Investments principal Robert Howie said that single-digit reinsurance rate increases may be attractive to ILS investors given the performance of other asset classes.
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Markel Catco's "eye-catching" hike to its wildfire loss reserves in its December monthly report implies that the Californian disasters triggered the firm's "floating back-up" pillars, according to a Numis analyst's note.
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Securis and StarStone have agreed a partnership that will expand the ILS manager's US property insurance portfolio, Trading Risk has learned.
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Guy Carpenter told Trading Risk that rate increases on retro business ranged from 5 to 25 percent on a risk-adjusted basis, with pricing dependent on loss experience.
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ILS spreads have widened in the mid-to-high teens range after last year's losses, Swiss Re Capital Markets estimated in its latest quarterly market report.
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First quarter cat bond issuance has already reached $1.56bn after the World Bank's Latin American earthquake cat bond upsized to close at $1.36bn, according to Trading Risk data.
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The second-largest ILS manager posted a $200mn incremental gain in assets under management in January as it said it chose not to draw down on some post-loss capacity.
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LGT ILS Partners launched its Bermudian rated vehicle Lumen Re with $350mn of equity, according to an AM Best rating report.
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The sidecar market has expanded notably in 2018 as Sompo and Axis became the latest carriers to provide updates on new or expanded vehicles.
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Wildfire losses had a varying impact on some of the reinsurer-affiliated ILS platforms in the fourth quarter.
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Undoubtedly, prior positive returns were one of the factors that weighed with investors who supported Markel Catco's successful reload last year.
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Bermuda-based (re)insurer XL Catlin placed more than $500mn of new catastrophe limit for 2018 and increased alternative market retro support to more than $3bn, as ceding strategies among major carriers diverged following last year's losses.