Here's our latest Friday wrap-up of key news from the week.
It's been another busy week in the cat bond market, with two new offerings launched as Fidelis seeks worldwide retro aggregate cover and Allstate seeks Florida multi-peril reinsurance.
Notable deal pricing occurred this week as well, with Florida Citizens securing the largest cat bond ever at $1.525bn.
We also reported that USAA secured $425m of limit with its latest ResRe cat bond, the US Coastal insurers secured $330m of limit from their Chartwell Re deal, Slide secured its largest cat bond with a $250m Purple Re, TWIA secured $550m of limit from its new cat bond and the Texas FAIR Plan secured $200m of limit from its debut deal.
With an active marketplace as a backdrop, manager Twelve Securis placed some subscription limits on its flagship cat bond fund to maintain its integrity as it grows.
Meanwhile, we reported that the GAM Star UCITS cat bond fund lost around $650m in assets in April, and in tangentially related news Fermat has taken on GAM's offshore cat bond fund under an agreement reached between the two firms.
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In other stories this week, cat bond spread widening returned and lifted the overall yield of the catastrophe bond market to 10.86% by May 2nd.
Data suggests the catastrophe bond market has softened a little ahead of the traditional market's pace.
Gallagher Securities said that reduced risk premiums, increased confidence in models, lower transaction costs and still-growing investor interest are helping to continue ILS market growth.
Zurich took advantage of market conditions to buy a global aggregate reinsurance cover at the April 1st renewal.
For ILS managers, use of risk models goes beyond guidance, they are foundational to strategies and operations, according to a new report from LGT ILS Partners.
AXA's CFO Alban de Mailly Nesle explained that the majority of the firms reinsurance growth was ceded to insurance-linked securities (ILS) strategies in Q1.
Finally, if you haven't seen them, Artemis has a wealth of data and analytics on the catastrophe bond and broader ILS market. View our charts and Deal Directory.
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We'll be back next week with more regular coverage.
We hope you have a safe & relaxing weekend.
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