Willis Re have published a good review of the recent renewals season in which they discuss the softening market, how it’s affecting P&C insurers, reinsurers and their use of capital market instruments. They say the softening is deceptively tenuous as hurricane season is just around the corner and could trigger major losses which raise rates again.
On insurance-linked securities they say that issuance has slowed with maturations exceeding new issue and significant closures of sidecars. They also say that the current economic conditions are actually helping to shift investors attention away from ILS, a view which is not shared by everyone as previous posts on this blog state.
The full report is available in PDF format here.
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