The catastrophe bond market is rapidly developing to engage a broader universe of participants. Michael Popkin and Rick Miller, managing directors—co-heads of ILS at Jardine Lloyd Thompson Capital Markets discuss the changing dynamic in the sector.
Not long ago, only a small handful of large multinational entities came to market. On the investor side, most of the managers had a few fairly restrictive mandates. We have seen significant changes on both fronts, which lead us to feel that we are still closer to the start of the overall convergence of traditional and alternative reinsurance markets than many people think.
THE CEDANT’S PERSPECTIVE
The number of cedants coming to market has grown over the last 18 to 24 months for a whole range of reasons.
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Michael Popkin, Rick Miller, Intelligent Insurer, JLT Capital Markets, ILS