{"id":4697,"date":"2025-06-11T10:00:28","date_gmt":"2025-06-11T10:00:28","guid":{"rendered":"http:\/\/studentlearningportal.com\/?p=4697"},"modified":"2025-06-14T10:58:08","modified_gmt":"2025-06-14T10:58:08","slug":"ils-appetite-grows-for-eu-aggregate-cat-cover-as-cedants-seek-earnings-protection-gallagher-res-dowlen","status":"publish","type":"post","link":"http:\/\/studentlearningportal.com\/index.php\/2025\/06\/11\/ils-appetite-grows-for-eu-aggregate-cat-cover-as-cedants-seek-earnings-protection-gallagher-res-dowlen\/","title":{"rendered":"ILS appetite grows for EU aggregate cat cover as cedants seek earnings protection: Gallagher Re\u2019s Dowlen"},"content":{"rendered":"

This content is copyright to www.artemis.bm<\/a> and should not appear anywhere else, or an infringement has occurred.<\/p>\n

European insurers are increasingly revisiting aggregate catastrophe cover to protect against high-frequency events, with alternative capital providers showing greater interest in supporting these structures, according to Hamish Dowlen, Managing Director and Head of EMEA at Gallagher Re.
\n<\/span>
\n\"\"Dowlen spoke to Artemis about the renewed demand for frequency protection across Europe, the evolution of reinsurer strategies in response, and how insurance-linked securities (ILS) markets are identifying aggregate structures as an area of growing opportunity, particularly as cedants grapple with elevated retentions and a multi-peril environment.<\/p>\n

\u201cIncreasingly, we\u2019re having conversations with clients who say: if the frequency in any one year gets to a level where we\u2019re having to retain that kind of per-event loss again and again, then we\u2019re very interested in buying something that will cap that,\u201d Dowlen said.<\/p>\n

He noted that the supply of aggregate capacity had declined in recent years, but market conditions are shifting.<\/p>\n

\u201cIn the last few years, a lot of those aggregate covers fell by the wayside, either because the structures were no longer sustainable, or the pricing wasn\u2019t at a level that cedants found acceptable. But now, we\u2019re in a situation where the market has become a little more flexible. We\u2019ve identified solutions that are placeable.\u201d<\/p>\n

While the resurgence in demand spans much of the continent, the German-speaking markets remain a focal point.<\/p>\n

\u201cGermany, Austria, and Switzerland traditionally bought more aggregate cover than other European markets. So they\u2019ll be particularly interested in what\u2019s available going forward,\u201d Dowlen explained.<\/p>\n

Asked about ILS involvement in these structures, Dowlen confirmed a growing role for alternative capital.<\/p>\n

\u201cYes, we absolutely do see growing interest. I think all reinsurers, both traditional and ILS, are assessing where they want to play in the European markets, and aggregate is an area where they see the chance to differentiate themselves.\u201d<\/p>\n

While he does not expect ILS to dominate, Dowlen sees it as an important complement.<\/p>\n

\u201cI don\u2019t believe ILS will become the dominant force in the European aggregate market, but I do think there\u2019s an opportunity for it to play a greater role. I expect that will grow over the next few years.\u201d<\/p>\n

He also stressed that traditional capacity remains active and committed.<\/p>\n

\u201cThere\u2019s still a lot of traditional capacity out there from European reinsurers, as well as from Bermuda and London. Those reinsurers are very keen to participate on a traditional basis.\u201d<\/p>\n

Dowlen added that reinsurers are rethinking how best to support clients in today\u2019s risk environment.<\/p>\n

\u201cReinsurers are starting to look at how they can be more relevant to clients in Europe, how they can be meaningful to them and address the additional concerns they\u2019re facing,” Dowlen concluded.<\/p>\n

Read all of our interviews with ILS market and reinsurance sector professionals here<\/a><\/strong>.<\/p>\n

ILS appetite grows for EU aggregate cat cover as cedants seek earnings protection: Gallagher Re\u2019s Dowlen<\/a> was published by: www.Artemis.bm<\/a>
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This content is copyright to www.artemis.bm and should not appear anywhere else, or an infringement has occurred. European insurers are increasingly revisiting aggregate…<\/p>\n","protected":false},"author":1,"featured_media":4699,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[15],"tags":[],"_links":{"self":[{"href":"http:\/\/studentlearningportal.com\/index.php\/wp-json\/wp\/v2\/posts\/4697"}],"collection":[{"href":"http:\/\/studentlearningportal.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/studentlearningportal.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/studentlearningportal.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/studentlearningportal.com\/index.php\/wp-json\/wp\/v2\/comments?post=4697"}],"version-history":[{"count":2,"href":"http:\/\/studentlearningportal.com\/index.php\/wp-json\/wp\/v2\/posts\/4697\/revisions"}],"predecessor-version":[{"id":4700,"href":"http:\/\/studentlearningportal.com\/index.php\/wp-json\/wp\/v2\/posts\/4697\/revisions\/4700"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/studentlearningportal.com\/index.php\/wp-json\/wp\/v2\/media\/4699"}],"wp:attachment":[{"href":"http:\/\/studentlearningportal.com\/index.php\/wp-json\/wp\/v2\/media?parent=4697"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/studentlearningportal.com\/index.php\/wp-json\/wp\/v2\/categories?post=4697"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/studentlearningportal.com\/index.php\/wp-json\/wp\/v2\/tags?post=4697"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}