Trading Risk June 2017
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Allstate reduced its traditional limit when it renewed its $4.42bn nationwide catastrophe reinsurance treaty at the mid-year renewals, after having cover up to $4.55bn last year, sister publication The Insurance Insider reported.
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Larger residual insurers were among cedants that prospered in the June renewals from competition for US property catastrophe reinsurance business.
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Bermuda Stock Exchange (BSX) CEO, Greg Wojciechowski, has joined the board of the Bermuda Business Development Agency (BDA), the BDA announced.
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Newly issued cat bonds, including the latest Alamo Re and Citrus Re 2017-1, have already traded above par on the secondary market, in a sign of strong ILS demand.
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JLT Re said that "renewed vigour" from ILS markets looking to deploy capital contributed to a step-up in reinsurance rate reductions at this year's 1 June renewal.