New cedents continued to enter the catastrophe bond space in 2014. Seven new sponsors (American Strategic Insurance Group, Everest Re, Generali, Great American, Heritage, Sompo Japan Nipponkoa and Texas Windstorm Insurance Association) utilized the catastrophe bond market. They included, but were not limited to, the Caribbean Catastrophe Risk Insurance Facility (CCRIF) and Achmea.
Cedents are increasingly attracted to capital markets risk transfer structures have been pushed to mirror traditional reinsurance terms. The decoupling of pricing and terms and conditions is a key attribute of capital markets-based risk transfer capacity relative to traditional reinsurance.
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