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The UK’s Prudential Regulation Authority (PRA) has now officially launched its consultation on reforms for the insurance special purpose vehicle (ISPV) regulatory regime, which includes the accelerated pathway for certain catastrophe bond applications and a 10-day target for approvals of certain ILS arrangements.

While the majority of industry losses from hurricane Helene are expected to fall below primary insurers reinsurance attachment points, any that do flow to reinsurers should be able to be absorbed within earnings thanks to the structural changes of the reinsurance reset, S&P Global Ratings has said.

New growth projections for the global cyber insurance market suggest a massive need for reinsurance and risk capital, of which the insurance-linked securities (ILS) market is expected to become a key source, according to CyberCube.

Capital continued to rotate from one insurance-linked securities (ILS) instrument to another in 2023, but AM Best analysis suggests some sectors may becoming better primed for growth through 2024.

With the news yesterday that asset manager Schroders Capital has grown its insurance-linked securities (ILS) assets under management (AUM) above $5 billion, the company also announced some structural changes to the team there.

At the recent January reinsurance renewals there was widespread recognition in the market that “primary insurers are best suited to absorb frequency losses, while reinsurers are best placed to act as a shock absorber,” according to Gianfranco Lot, Chief Underwriting Officer (CUO) of P&C Reinsurance at Swiss Re.

While almost every market observer and industry analyst are expecting reinsurance capital levels to increase in 2024, broker Howden has highlighted that actually securing access to capital will be a key differentiator for market participants, as not everyone is expected to be successful.

Munich Re has now completed the placement of the second listed tranche of its Eden Re II Ltd. collateralized reinsurance sidecar for 2024, which lifts the reinsurers capital market investor-backed retrocessional protection from the structure to $150 million for this year.

While the lack of significant US wind loss events in 2023 has helped to moderate the outcome for many property catastrophe reinsurance renewals at 1/1, US reinsurance towers that had seen losses over the course of the year have experienced rate-on-line increases of up to 50%, broker Gallagher Re said today.

Global reinsurance giant Munich Re has returned to the capital markets to refresh its retrocessional protection from the Eden Re II Ltd. collateralized reinsurance sidecar for 2024, with the first tranche of notes to come to light being $28.5 million of Series 2024-1 Class A notes.