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The product is the first non-US cat bond issued in the past nine months.
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“Trapital” is once again throwing out renewal schedules in the ILS market after recent typhoon losses have complicated the run-up to 1 January.
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The business will become part of Artex Risk Solutions, a unit that focuses on captive management and alternative risk transfer.
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The latest Galileo cat bond has five tranches and will cover various natural catastrophe risks in the US, Canada, Puerto Rico and the US Virgin Islands, Europe and Australia.
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The sector will see a slight dip in capital at the upcoming renewals, but growth prospects are strong, panellists at an S&P conference predict.
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AIG’s AlphaCat-managed ILS funds grew AuM by $200mn in Q3, while assets at Nephila, Hiscox ILS and Mt Logan dipped in the quarter.
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The autumn season of reinsurance industry conferences usually runs like a well-oiled machine.
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The reinsurance broker says interest in sidecars has picked up, though investors’ criteria is stringent.
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Failing to expand could lead to the market stalling, suggested speakers at Trading Risk’s New York conference.
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Trapped capital – or “trapital” as we dubbed it in the newsroom one day – remains a key theme in discussions in the run-up to 1 January renewals.
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The demise of Neil Woodford and his funds empire will have wide reverberations for many months.
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The founding executive will hand over to present COO Paschal Brooks.
