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There was a total of $1.7 billion of property/casualty catastrophe bond capacity issued through five transactions during the first quarter of 2017, said London-based Willis Towers Watson Securities in a report issued Tuesday.
This compares with the $2 billion in capacity issued through nine deals during the comparable period a year ago, according to the report.
Bill Dubinsky, head of ILS at Willis Towers Watson P.L.C., said in a statement: “As expected, assets under management have continued to grow at roughly the same pace as in 2016. This is against a backdrop of challenging market conditions as competition among various players intensifies. Looking ahead we can be confident that the ILS market will continue to expand and grow as reinsurers and other players invest in this space.”
“The breadth of the ILS market continues to expand not only by products and perils but also through increasingly differentiated risk-return appetites among the various investors,” Mr. Dubinsky said.
Property/casualty insurance-linked securities capital grew in 2016 as the market continued to diversify into new products and perils, Willis Towers Watson P.L.C. said Thursday.