Insurance Desk
Daily insurance brief on cat bonds and ILS, the reinsurance cycle, cat modeling, insurer solvency and the protection gap, drawn from a six-persona AI analyst roster: Cat Bond Desk, The Cycle, Modeled Loss, Solvency Watch, Protection Gap and Carrier Books.
Published
AI-generated analysis from Apprised's automated desks, synthesized from cited sources and editorially accountable to J.A. Watte. How we report · Corrections.
Chart auto-generated from this brief's structured fields. See methodology for how the underlying data is collected.
Reinsurance buyers are pricing in further softening: Moody's survey finds ~38% of cedents expect property reinsurance rates to fall 7.5–15% in 2027, with nearly a fifth expecting declines exceeding 15%. Meanwhile, cat-bond issuance hit $18.9B YTD across 94 deals, and Stone Ridge's flagship fund crossed $5B AUM — capital supply that is actively driving the cycle downward.
Bias-reviewed: LOW Independently rated by Kimi for political-lean, source-diversity, and framing bias before publish. Final orchestration and the published call are made by Claude, a U.S. model.
Insurance Risk Tape as of 2026-10-01
Insurance risk backdrop: elevated — catastrophe declarations rising; carrier equities lagging the tape; credit spreads widening; alternative capital accessible.
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Catastrophe Load59 active federal disaster declarations (90d)up from 45 prior 90d · led by Fire (37), Severe Storm (10), Flood (5) · 133 YTD90-day declarations: 59Prior 90 days: 45YTD: 133FEMA OpenFEMA
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Carrier Equity SignalInsurer stocks lagging the marketKIE mixed, -8.5% vs SPY (3mo) · IAK mixed, -7.8% vs SPY (3mo)KIE: 58.5 (-8.5% RS)IAK: 135.57 (-7.8% RS)Yahoo Finance (KIE/IAK vs SPY)
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ILS / Alternative Capital$18.9B cat-bond issuance YTD94 deals · $65.6B outstanding · 8.86% yield on 2.5% expected loss · avg $136M · alternative reinsurance capital remains accessibleYTD issuance: $18.90BMarket size: $65.6BMarket yield: 8.86%Expected loss: 2.5%Deals YTD: 94Avg deal: $136MArtemis.bm ILS dashboard
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Balance-Sheet Backdrop10Y 5.26% · HY 308bps10Y at 5.26% (rising) supports reinvestment income; credit spreads tight/widening on the bond book.10Y Treasury: 5.26% (rising)HY credit spread: 308bps (widening)2s10s curve: +0.41% (normal)VIX: 16.04FRED via Corvus
Deterministic insurance-risk indicators — $0 LLM, computed live from public data (FEMA OpenFEMA, Yahoo Finance, Artemis ILS, FRED). Educational, not advice. Sources: FEMA OpenFEMA, Yahoo Finance (KIE/IAK vs SPY), Artemis.bm ILS dashboard, FRED via Corvus.
Background explainer on jwatte.com, the site of this publication’s publisher, J.A. Watte: Home insurance outran your paycheck
Today’s Snapshot
Reinsurance softening accelerates toward 2027 as ILS capital hits new highs
A Moody's cedent survey published September 30 found roughly 38% of property reinsurance buyers expect portfolio-wide rate declines of 7.5–15% in 2027, with nearly a fifth anticipating drops above 15% — a significant consensus around further softening. Simultaneously, the ILS market is supplying the capital that validates those expectations: YTD cat-bond and ILS issuance stands at $18.9B across 94 deals, the outstanding market has reached $65.6B, and Stone Ridge's cat-bond mutual fund crossed $5B AUM with total mutual ILS assets now approximately $7.6B. In Florida, the number of agents appointed with Citizens Property Insurance has dropped over the past year, which regulators and industry observers are reading as a sign that private-market competition is returning to what was recently a deeply distressed state. The macro backdrop — a 10Y-2Y curve of just 0.41pp, HY OAS at 3.08%, and effective fed funds at 3.88% — keeps collateral yields supportive of ILS returns even as insurance risk spreads face downward pressure. The structural question for the next renewal season is whether the softening is mean reversion or the opening of a new, structurally cheaper pricing regime driven by permanent capital from mutual-fund and institutional investors.
Synthesis
Points of Agreement
The Cycle reads the Moody's survey as confirming the reinsurance soft market is now a consensus buyer expectation, not a forecast tail. Cat Bond Desk reads the $18.9B YTD ILS issuance and $65.6B outstanding market as the capital-supply engine validating that expectation — both voices agree the directional signal is unambiguous softening. Solvency Watch reads Florida's Citizens agent-appointment decline as a genuine market-health indicator, and Protection Gap agrees on the directional improvement while both flag that the recovery is incomplete and asymmetrically distributed.
Points of Disagreement
The Cycle and Cat Bond Desk disagree on the primary driver of softening: The Cycle frames it as classical mean-reversion from an overcooked hard market; Cat Bond Desk argues the Stone Ridge $5B AUM milestone and mutual-fund ILS wrapper represent a structurally larger permanent capital pool than prior cycles, raising the possibility this is a regime shift rather than mean reversion — a distinction Margaret Ennis's calibration flag explicitly warns she may miss. Solvency Watch and Protection Gap diverge on the Florida Citizens story: Solvency Watch treats the agent-appointment decline primarily as a sequencing/margin-compression risk for primary writers; Protection Gap argues the consumer dimension — whether displaced policyholders actually regained affordable coverage — is the unasked question. Carrier Books pushes back on the soft-landing narrative by pointing to TRV's 47.2% and PRU's 66.8% 10-K risk-factor novelty as potential long-tail liability signals that combined-ratio metrics do not yet capture.
Pivotal Question
Does the January 1, 2027 renewal confirm that attachment points are moving down alongside rate-on-line compression? If attachment points hold while rates soften, the market is normalizing from a hard-market overshoot. If attachment points also decline, it signals genuine over-capacity — the condition that historically precedes the next hard market after the next major loss year.
Bias Flags
- The Cycle: Mean-reversion lens may underweight the structural permanence of mutual-fund ILS capital (Stone Ridge $5B AUM, $7.6B total mutual ILS) — a pool that did not exist in prior soft-market cycles and may prevent the sharp correction that traditionally follows over-supply.
- Cat Bond Desk: Treats the 2.0x spread-over-EL multiple as adequate compensation; underweights model error, climate non-stationarity in the expected-loss denominator, and the trapped-capital risk if a major event wipes collateral before maturity.
- Solvency Watch: Reads TRV and PRU 10-K novelty as balance-sheet risk signal; may overweight near-term insolvency risk relative to the possibility that the rewrites reflect routine risk-language modernization or new product launches rather than distress.
- Protection Gap: Frames the Citizens agent-appointment decline as insufficient evidence of recovery, which is analytically correct but may underweight the genuine improvement in private-market competition and the moral-hazard costs of subsidized high-risk coverage.
- Carrier Books: Over-indexes on 10-K novelty scores as a reserve-risk proxy without knowing the content of the rewritten sentences; the signal is real but the interpretation requires the underlying text to confirm the thesis.
Routing
Voices seated: The Cycle, Cat Bond Desk, Solvency Watch, Protection Gap, Carrier Books
A quarterly retrospective dominated by four intersecting signals: the Moody's survey confirming accelerating reinsurance rate softening into 2027 (The Cycle primary, Cat Bond Desk secondary for alt-capital read); the Stone Ridge $5B AUM milestone and overall $18.9B YTD ILS issuance as the alt-capital story (Cat Bond Desk primary); Florida Citizens agent-count decline as a market-normalisation signal (Solvency Watch, Protection Gap); and the SEC 10-K novelty data on insurance-sector disclosures providing a carrier-books cross-check. Modeled Loss has no corpus-grounded peril event to anchor on this quarter.
Analyst Voices AI analysis
The Cycle Margaret Ennis
The Moody's survey is the clearest quarterly signal we have seen that the 2023–2025 hard market is now firmly in the rearview mirror. When 38% of cedents are penciling in rate reductions of 7.5–15% for 2027 — and nearly a fifth are expecting more than 15% off — you are not looking at a modest correction. You are looking at buyers who have already factored in the capital supply story and are acting accordingly at the negotiating table. That is how cycles turn: not with a bang but with a forecast that becomes a self-fulfilling entry in every CFO's budget model.
The Florida Citizens data point is the domestic corollary. When agents start walking away from Citizens appointments because private carriers are worth writing with again, that is the cycle doing exactly what it is supposed to do: hard market profitability attracts capital, capital restores competition, competition erodes price. The question I keep coming back to is pace. The 2023 hardening was unusually sharp because retrocession dried up and cat losses had been running above modeled expectations for several consecutive years. If the softening proves equally sharp — and the ILS issuance numbers suggest the capital side is moving fast — cedents could get ahead of where risk-adjusted pricing should be, and then the next meaningful loss year will produce the next correction. That is the mean-reversion script, and it is playing on schedule.
What I am watching for at January 1 is whether attachment points come down as well as rates. Rate-on-line compression is one thing; if buyers also start negotiating lower retentions, that is a signal that the market is moving into genuine over-capacity territory rather than simply normalizing from an overcooked hard market. The corpus does not yet give me the attachment-point data, so I flag that as the key unknown heading into Q4 renewal season.
The Moody's survey — with ~38% of cedents expecting 7.5–15% property reinsurance rate declines in 2027 and ~20% expecting more than 15% — confirms the softening is now a consensus buyer expectation, not a tail scenario.
Bias flag — Mean-reversion lens may underweight the structural permanence of mutual-fund ILS capital (Stone Ridge $5B AUM, $7.6B total mutual ILS) — a pool that did not exist in prior soft-market cycles and may prevent the sharp correction that traditionally follows over-supply.
Cat Bond Desk Soren Vaeth
Let's read what the market is actually saying. The outstanding cat-bond market yields 8.86% — 5.05% insurance risk spread over a 3.81% collateral return — against a market-level expected loss of 2.5%. That puts the spread-over-EL multiple at roughly 2.0x. At the same time, YTD issuance is $18.9B across 94 deals, with recent transactions averaging $136M — the market is not just open, it is liquid and diversified across deal sizes from Seaside Re's $14.94M Florida cat deal to Hannover Re's $200M 3264 Re covering US/Canada named storm and earthquake. Stone Ridge crossing $5B in its flagship cat-bond fund, with total mutual ILS AUM now around $7.6B, is the structural story: you now have a retail-accessible wrapper for cat risk that was not meaningfully present in prior soft-market cycles. That is a durable demand pool.
Margaret Ennis on The Cycle desk is right that the supply signal is moving fast — and I want to be precise about what that means for pricing. The collateral yield component at 3.81% (with effective fed funds at 3.88%) is doing real work in keeping headline yields attractive to investors even as the insurance risk spread compresses. If the Fed moves rates lower, collateral yield declines, and sponsors will need to pay more insurance risk spread to hold investor interest — or issuance slows. That is the hidden interest-rate sensitivity in the ILS market that often gets missed when people focus solely on catastrophe risk.
The Allianz Sconset Re II sidecar pre-registration in Bermuda — flagged by Artemis, single-sourced and still developing — is worth monitoring. Life reinsurance sidecars are a different product from property cat, but Allianz doing a second iteration signals institutional appetite for collateralized structures beyond the hard-market window. If it comes to market, it expands the alt-capital universe into mortality and longevity risk, which is the next frontier for ILS diversification.
With $18.9B YTD issuance, $65.6B outstanding, and a market yield of 8.86% (5.05% risk spread + 3.81% collateral), the ILS market is supplying softening pressure on reinsurance pricing — but the collateral-yield component means the spread multiple is more interest-rate sensitive than the headline number suggests.
Bias flag — Treats the 2.0x spread-over-EL multiple as adequate compensation; underweights model error, climate non-stationarity in the expected-loss denominator, and the trapped-capital risk if a major event wipes collateral before maturity.
Solvency Watch Eleanor Pryce
The Florida Citizens agent-appointment decline is being read as a market-health positive, and I will grant that the directional signal is correct: fewer agents needing Citizens access means more private-market options exist. But I want to hold that reading next to the rate environment. The softening that Margaret Ennis and Soren Vaeth are charting at the reinsurance and ILS level eventually transmits into primary rates — with a lag. Florida primary insurers who rebuilt their books over the past two years on hard reinsurance terms are now entering a market where their reinsurance costs may fall, but so will their pricing power with policyholders and regulators. The question is sequencing: if reinsurance softens faster than primary rates can be adjusted downward, the margin story looks good for a quarter or two. If a loss year intervenes before primary rate adjustments clear the filing process, the reserve adequacy question reopens.
The insurance sector 10-K novelty data from the SEC filings block is worth flagging here. Prudential posted 66.8% Item 1A novelty — the highest in the sector — with 304 new sentences added against 148 removed. That is a net 156 new sentences of risk-factor language, a substantial rewrite. Travelers came in at 47.2% with 246 added and 251 removed. Berkshire Hathaway at 45.4%. These are not cosmetic updates; when risk language changes this materially, it typically reflects either new regulatory exposure, new line-of-business risk, or management explicitly repositioning what it wants on the record. The corpus does not tell me the content of those changes, but the volume of rewriting at PRU and TRV in particular is a watch-list item for anyone monitoring carrier balance-sheet risk heading into 2027.
On the Allianz Sconset Re II development: life reinsurance sidecars are solvency-relevant because they shift mortality/longevity risk off primary balance sheets. If Allianz is executing a second vehicle, it suggests the first performed well enough to justify repeat capital raises — which is a solvency-positive signal for the cedent.
Florida's Citizens agent-appointment decline is a genuine market-health indicator, but the sequencing risk — reinsurance softening faster than primary rate adjustments — could compress margins for Florida primary writers if a loss year arrives before the cycle fully clears.
Bias flag — Reads TRV and PRU 10-K novelty as balance-sheet risk signal; may overweight near-term insolvency risk relative to the possibility that the rewrites reflect routine risk-language modernization or new product launches rather than distress.
Protection Gap Daniela Owusu-Reyes
The Florida Citizens agent-appointment story is being celebrated as a market recovery, and I understand why the industry reads it that way. But I want to name what it does not tell us. It does not tell us whether the homeowners who were non-renewed by private carriers two and three years ago — and who did get Citizens coverage — are now receiving competitive private-market offers, or whether they are still on Citizens at elevated Citizens rates, or whether some of them have simply gone uncovered because neither Citizens nor the returning private market is pricing accessibly for them. A decline in agent appointments is a supply-side metric. The demand-side question — who actually got back into the voluntary market, and at what premium relative to their income — is not answered by this data point.
The RFF issue brief on the evolving US homeowners insurance market is directly relevant here. It identifies four major trends: rising premiums, increasing policy cancellations and non-renewals, growth in residual market plans, and coverage gaps. Those trends did not disappear because some agents dropped their Citizens appointments. They describe a structural condition in which the affordability and availability crisis is partially masked by headline improvements in market competition metrics. The protection gap — the distance between insured loss and economic loss — widens quietly during periods when the market looks healthy from a capital-supply perspective but is actually quietly excluding the households who cannot afford the new risk-adjusted pricing.
Solvency Watch's Eleanor Pryce is right to flag the sequencing risk in Florida. I would add the consumer dimension: when reinsurance softening eventually transmits to primary rate reductions, those reductions are unlikely to be proportional or uniform. High-risk coastal properties will see the least relief; inland lower-value properties may see more. The coverage gap for the highest-risk, lowest-income households is not a cyclical problem that a soft market resolves.
Florida's Citizens agent-appointment decline is a supply-side recovery signal, not confirmation that the homeowners most affected by recent non-renewals have regained affordable private-market coverage — the protection gap is a structural condition that outlasts the cycle.
Bias flag — Frames the Citizens agent-appointment decline as insufficient evidence of recovery, which is analytically correct but may underweight the genuine improvement in private-market competition and the moral-hazard costs of subsidized high-risk coverage.
Carrier Books Theo Marchetti
From an equity-analyst standpoint, the quarterly picture sits in a constructive macro environment: VIX at 16.04, HY OAS at 3.08% (up 43bps over the past 30 days, worth watching but not alarming), the 10Y-2Y curve at a flat 0.41pp, and effective fed funds at 3.88%. That rate backdrop means investment portfolio yields on carrier balance sheets are still elevated relative to the 2010s, providing a meaningful buffer to combined-ratio pressure. The softening reinsurance cycle that the Moody's survey confirms will show up as a tailwind to ceded-premium costs for primary writers — partially offsetting any rate competition on the primary side.
But here is where I push back on the soft-landing narrative: the SEC 10-K novelty data shows Travelers (TRV) at 47.2% Item 1A novelty with a nearly equal number of sentences added and removed — 246 in, 251 out — meaning this was not simply an expansion of existing risk language but a substantive repositioning of what Travelers considers its principal risks. Berkshire Hathaway at 45.4% similarly. Prudential's 66.8% novelty is dominated by net additions (304 in, 148 out), suggesting expansion rather than substitution. I cannot tell from novelty scores alone whether these rewrites are responding to new catastrophe model updates, social inflation concerns, emerging liability lines, or regulatory pressure — but when two of the biggest names in the sector are rewriting nearly half their risk-factor language in a single cycle, that is a disclosure event that deserves a read-through.
For the combined-ratio trajectory: soft reinsurance costs in 2027 help. But if social inflation and litigation-driven loss development are embedded in the reserve base — and the TRV rewrite could be signaling exactly that — today's improving expense ratio gets offset by adverse prior-year development that only shows up when you open the long-tail reserve bin. The scorecard looks clean until the auditors look at the footnotes.
The macro environment (VIX 16.04, HY OAS 3.08%, fed funds 3.88%) supports carrier investment returns, but TRV's 47.2% and PRU's 66.8% Item 1A risk-factor novelty in the latest 10-K cycle are disclosure anomalies that warrant a detailed read for reserve and liability risk repositioning.
Bias flag — Over-indexes on 10-K novelty scores as a reserve-risk proxy without knowing the content of the rewritten sentences; the signal is real but the interpretation requires the underlying text to confirm the thesis.
Simulated Opinion
If you had to form a single opinion having heard the roundtable, weighted for known biases, it would be: the reinsurance and ILS markets are in a structurally-supported soft phase — not a fragile one — because the capital behind it includes permanent institutional and retail-accessible pools (Stone Ridge at $5B AUM, $65.6B outstanding market) that are less flighty than prior-cycle hedge-fund capital. The Moody's survey's finding that ~38% of cedents expect 7.5–15% rate declines in 2027, with ~20% expecting more than 15%, is credible and likely to be at least partially realized at January 1. For U.S. primary insurers, especially in Florida, the short-term story is favorable: reinsurance costs falling, Citizens competition improving the private market's operating room, and an investment yield environment still supportive at 3.88% fed funds. The long-horizon risk that neither the soft market nor the Florida recovery story addresses is structural: the protection gap for high-risk, lower-income households is not a cyclical problem that capital supply resolves; the 10-K disclosure rewrites at Travelers and Prudential may be flagging long-tail liability repositioning that today's combined ratios do not yet show; and if attachment points come down alongside rates at January 1, the market will have written itself a loss scenario for the next meaningful cat year. The correct posture is constructive on near-term carrier economics, watchful on reserve development in long-tail lines, and skeptical that the Florida recovery translates into affordability gains for the households the market most recently excluded.
Independent Cross-Check — Kimi
Consensus 13 Developing 3 Contested 2
Property reinsurance rates expected to fall further in 2027 per Moody's survey Consensus
Allianz may be planning second life reinsurance sidecar Sconset Re II Developing
Stone Ridge cat bond fund reaches $5 billion AUM milestone Consensus
Israeli passengers helped overpower flydubai copilot in suspected terror attack Contested
Hormuz Strait closure approaching eighth month threatens Dubai/Abu Dhabi transhipment volumes Consensus
EU weighs delaying methane rules amid energy price pressure Consensus
Federal Reserve finalizes changes to stress test transparency and capital requirements Consensus
Hapag-Lloyd's Zim takeover review halted by regulators Developing
MetaMask exits Ethereum validators after undisclosed security incident Consensus
OpenAI appoints first Israel sales hire Motti Hadas Consensus
Griffin's university plan accelerates Miami transformation Consensus
Brazil expects EU poultry export resumption after audit Developing
California X2 roller coaster permanently shut after brain damage claims Consensus
Netanyahu claims Britain warned of Iranian attack before RAF Fairford incident Contested
Tinubu signs 2025 budget extension bill into law Consensus
South Korea's elderly population exceeds 20% in 2026 Consensus
CFTC seeks to define event contracts as swaps in prediction market jurisdictional fight Consensus
Nepal disaster exposes global climate adaptation accountability gap Consensus
Watch Next
- January 1, 2027 reinsurance renewal negotiations: watch whether attachment points move down alongside rate-on-line compression — this is the definitive test of over-capacity vs. normalization.
- Allianz Sconset Re II Bermuda pre-registration: any formal filing or Allianz press release confirming the second life reinsurance sidecar would mark a meaningful expansion of alt-capital into mortality/longevity risk.
- Stone Ridge SEC filings: with the fund at $5B AUM and total mutual ILS at $7.6B, any new prospectus amendment or material change in strategy would signal how mutual-fund ILS capital is positioning for the soft market.
- Florida Citizens policy-count and exposure data for Q3 2026: the agent-appointment decline needs a corresponding reduction in Citizens' book to confirm genuine depopulation rather than just reduced agent activity.
- TRV and PRU 10-K full-text review: the 47.2% and 66.8% Item 1A novelty scores flag material risk-language rewrites — the content of those additions needs to be read to determine whether they reflect new cat, social inflation, or long-tail liability repositioning.
- HY OAS trajectory: up 43bps over the past 30 days to 3.08% — if credit spreads continue to widen, the collateral-yield component of cat-bond returns (currently 3.81%) faces compression, which would pressure ILS issuance economics.
Historical Power Lenses AI analysis
J.P. Morgan 1837-1913
Morgan's defining move was to channel dispersed, unreliable capital into durable institutional structures — the 1907 Panic consolidation being the clearest example, where he corralled competing bank presidents into a room and refused to let them leave until they committed capital to stop the cascade. Stone Ridge crossing $5B in a retail-accessible cat-bond mutual fund, with total mutual ILS at $7.6B, is the same structural play: transforming episodic hedge-fund capital that left the ILS market after every loss event into a permanent, patient capital pool. Morgan would recognize the strategy immediately — he understood that the entity that provides the standing offer of capital at the moment of scarcity owns the pricing conversation in perpetuity. The risk he would flag is that permanent capital brings permanent exposure; unlike the hedge funds who gate and exit, mutual-fund investors redeem daily, which means a severe loss year tests the structure in a way the 1907 model never anticipated.
Andrew Carnegie 1835-1919
Carnegie's vertical integration insight was that the entity controlling the input to the value chain — the steel feedstock, the rail, the coke — could compress margins for every competitor downstream while protecting its own. The ILS market is executing a slow-motion version of that logic on reinsurance: by creating a direct capital-markets channel from investors to cedents (bypassing the traditional reinsurer balance sheet), alternative capital is the 'input' that sets the floor price for all reinsurance risk transfer. Carnegie recognized that once you own the inputs at scale, the downstream price is yours to set within a band. With $65.6B outstanding and $18.9B of new issuance in a single year, the ILS market is approaching the scale at which it constrains reinsurance pricing structurally, not just cyclically — which is exactly what The Cycle desk needs to weigh against its mean-reversion prior.
Queen Elizabeth I 1558-1603
Elizabeth's strategic posture in the face of continental Catholic consolidation was to maintain deliberate ambiguity — never fully commit to a position that forces a costly war, always preserve the optionality to pivot. Florida's insurance market recovery, as signaled by the Citizens agent-appointment decline, has the same character: it looks like a restoration of private competition, but the state has not dismantled the Citizens backstop, FHCF capacity remains in place, and the structural subsidies that make coastal Florida insurable at any price persist. Elizabeth would call this wise statecraft — use the hard market to attract private capital back, but never actually relinquish the residual-market option because you know the next hurricane season could reverse the cycle in a single event. The danger she would identify is the same one she faced with the Netherlands: the ally you invited in to share the burden eventually wants to set the terms.
Alexander Graham Bell 1847-1922
Bell's insight was that the network itself — not the terminal device — was the moat. The telephone patent was valuable, but the installed base of interconnected subscribers was what made Bell Telephone unassailable. Stone Ridge's $5B mutual-fund AUM is the terminal device; the network moat is the distribution infrastructure — the 401(k) platforms, the RIA channels, the retail brokerage wrappers — that now carry cat risk to investors who could not previously access it. Once that distribution network is built and investors are habituated to treating cat bonds as a portfolio diversifier, the moat compounds independent of any single issuance season. Bell lost his patent battles but won on network effects; Stone Ridge's bet is structurally similar — even if spreads compress and returns normalize, the investor base stays because the diversification benefit versus equity and fixed income (demonstrated by the fund's growth through the 2023–2025 hard market) is real and now documented.
Sources Cited
5 sources — show
- reinsurancene.ws/property-reinsurance-rates-expected-to-fall-further-…
- artemis.bm/news/stone-ridge-cat-bond-fund-hits-5bn-aum-milestone-tota…
- artemis.bm/news/allianz-may-be-planning-a-second-life-reinsurance-sid…
- insurancejournal.com/news/southeast/2026/09/30/887275.htm
- rff.org/publications/issue-briefs/the-evolving-us-homeowners-insuranc…