The JLT index is below levels recorded in 2016 and around 30 percent below 2013 benchmarks.
A key question is whether retro dislocation will spill over into reinsurance renewals.
Newer vehicles found it harder to get going as sidecar sponsors struggled to hit their fundraising targets in the January renewals.
The final couple of months of 2018 brought further pain for sidecar investors.
Annual cat bond issuance for 2018 has surpassed broker-dealer predictions for a strong post-loss year.
January 2018 opened the year of the “great reload” for ILS managers.
ILS funds with life strategies reported substantially higher transaction volumes in 2018, helping to drive growth in assets under management (AuM).
The retro market is likely to tighten at this year’s renewals as investors pause and reconsider their strategies following another year of substantial losses.
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