The hotels are again busy today, with deep discussions between industry participants ongoing. Here are Artemis' latest updates from the 2024 Monte Carlo Reinsurance Rendez-vous.
Today in Monte Carlo, we reported that Dean Klisura, the President and CEO of Guy Carpenter has explained that the market is well capitalised and this is accelerating, while reinsurers remain open and motivated to do business.
Michael Stahel, Partner and Portfolio Manager at LGT ILS Partners Ltd., said he is not expecting a significant shift in premium from current price levels and notes the company will strategically shift capacity between areas of the market to source the best deal opportunities for its investors.
The casualty insurance-linked securities (ILS) market has been growing and PwC highlighted this at events in Monte Carlo at the Rendez-Vous this week, saying that it is an area for the legacy reinsurance and ILS sectors to collaborate.
A Moody's survey found that, over the next year, reinsurance buyers have expressed a strong preference for catastrophe bonds when it comes to utilising alternative capital, while sidecars are also expected to see much more elevated demand.
Client demand for risk capacity is "accelerating in all dimensions" according to Shiv Kumar, President of GC Securities, the capital markets and ILS specialist unit of reinsurance broker Guy Carpenter.
Senior executives from Conduit Re held a media briefing this morning at the 2024 Monte Carlo Rendez-Vous and explained that retrocession market conditions are vibrant, but said that ILS and third-party capital providers still need to see returns evidenced.
We also reported today that cat bond fund returns have been very impressive through August.
Positively, for the future, reinsurance buyers have expressed a strong preference for catastrophe bonds when it comes to utilising alternative capital, while sidecars are also expected to see much more elevated demand, the latest survey by Moody's Ratings shows.
More updates from Monte Carlo tomorrow!
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