All of our news and analysis on the retrocessional reinsurance marketplace.
Retrocession is effectively reinsurance for reinsurers, so a tertiary layer of risk transfer away from the original risk, if you consider primary, reinsurance and then retrocession.
As reinsurance is insurance for insurers, retrocessional, or retro, protection is reinsurance for reinsurers.
The retrocession reinsurance market has increasingly come to depend on the capital markets and insurance-linked securities (ILS).
As of mid-year 2022, global retrocession capacity has been estimated to be as high as $60bn, around $20bn of which is indemnity based and the rest in other formats.
The alternative capital markets and ILS funds, or investors, play a significant role in global retrocession, as too do instruments such as catastrophe bonds and industry-loss warranties (ILW).
The insurance-linked securities (ILS) fund sector delivered another solid month of investment returns in August 2025 according to the ILS Advisers Fund Index, with the average ILS fund return across the index constituents reaching 1.58% for the month, the strongest month of this year so far and second best August ever.
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Stone Ridge Asset Management, the New York based alternative risk premia focused investment manager, has continued to grow the insurance-linked securities (ILS) assets under management of its mutual reinsurance fund strategies to just over $5.8 billion, which is now the highest level they have sat at in more than six years.
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AHJ Miller, the reinsurance division of independent broking group Miller, has announced the hiring of Marlon Williams, a property catastrophe reinsurance underwriting specialist from Hiscox Re & ILS as a Senior Broker based in Bermuda.
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This video features the opening keynote of the day at Artemis London 2025, a speech by Nylesh Shah of the Prudential Regulation Authority (PRA), from our fourth catastrophe bond and insurance-linked securities (ILS) conference in the City of London, UK, held on September 2nd 2025.
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As discussions begin regarding the upcoming January reinsurance renewals, the question of how disciplined ILS managers will remain on contract structures looms, with Cahal Doris, Chief Investment Officer (CIO) Private ILS, at Twelve Securis suggesting that ILS managers would be wrong to give away structural improvements at 1/1.
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Over time, capital market investors are expected to play an important role as a key element in ensuring there is sufficient cyber reinsurance and retrocession capacity, to support the expansion of cyber insurance limit around the globe, Moody’s Ratings has said.
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Aeolus Capital Management Ltd., the specialist insurance-linked securities (ILS) and reinsurance investment manager, has announced the hire of a new Reserving Actuary, with Jammy Chow joining the company from his most recent position working for Swiss Re Canada.
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Global reinsurance giant Swiss Re is bringing together its insurance-linked securities (ILS) investment management operations under the Swiss Re Insurance-Linked Investment Advisors Corporation (SRILIAC) brand and the combined ILS management unit will be led by long-standing executive Mariagiovanna Guatteri.
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Swiss Re has now seen its new Matterhorn Re Ltd. (Series 2025-3) North America earthquake catastrophe bond successfully priced, finalising the issuance to secure a one-third upsized $100 million of protection, while the spreads settled at the low-end of reduced guidance, Artemis has learned.
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According to James Boyce, CEO of Global Specialties at Guy Carpenter, buyers of aggregate retrocession are beginning to see more favourable conditions, with capacity expanding, more reinsurers entering the market, and oversupply on the rise, all of which are trends that could translate into lower retentions and greater choice.
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