-
The series of storms caused economic losses of $2bn, figures from Aon show.
-
The City Council is working with RMS to improve the quality of its protection.
-
Axis and Swiss Re were able to top up on ILW cover at the lower end of their targeted costs.
-
The deal follows recent ILS fund manager investments by White Mountain and Scor.
-
The mid-year renewal included $135mn from a Bermuda-listed placement, which shrank from $278mn after the insurer revised the covered portfolio.
-
Reinsurance rates are rising, especially in Florida and retro, but primary market changes are still outstripping the significance of these improvements.
-
Participation by DE Shaw for the first time since 2015 drove an overall increase in ILS use by the Floridian insurer for its 2019-20 programme. -
Capital is returning to the ILS industry after the past two years of losses, Paul Schultz, CEO of Aon Securities, said at the firm’s 2019 ILS event last week.
-
Third Point Re and White Mountains have also given financial support to the start-up.
-
The reinsurer has secured $60mn of protection against named storms and earthquakes in the US from the capital markets.
-
New deals have brought total year-to-date ILS volumes to $2.9bn, pointing to a shrinking of the market.
-
Reinsurers are now in a competitive position in the ILS market, having narrowed a major market share deficit in the past five years through some large M&A deals and a few instances of significant organic growth.
