Trapped collateral may provoke 4Q cat bond sell-off

Luca Albertini, Leadenhall Capital Partners:

The billions of dollars of so-called “trapped collateral” may prompt a further sell-off of cat bonds as capital-stretched ILS funds look to free-up capital in this quarter to ensure they can benefit from the expected uplift in retro and cat reinsurance rates at the 1.1 renewals.

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