{"id":119204,"date":"2025-03-08T03:55:41","date_gmt":"2025-03-08T03:55:41","guid":{"rendered":"https:\/\/peraltafinancing.com\/business\/insurance\/market-makers-a-dream-come-true-for-secondary-cat-bond-liquidity-sifma-2025\/"},"modified":"2025-03-08T03:55:41","modified_gmt":"2025-03-08T03:55:41","slug":"market-makers-a-dream-come-true-for-secondary-cat-bond-liquidity-sifma-2025","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=119204","title":{"rendered":"Market makers &#8211; A dream come true for secondary cat bond liquidity: SIFMA 2025"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div>\n<p>The entry of market makers to enhance liquidity options in the secondary market for trading catastrophe bonds would be a dream come true, speakers suggested at the SIFMA ILS 2025 conference in Miami yesterday.<br \/><span id=\"more-126462\"\/><br \/><img decoding=\"async\" data-attachment-id=\"99982\" src=\"https:\/\/www.artemis.bm\/news\/a-giant-ils-reset-with-higher-pricing-to-persist-sifma-ils\/attachment\/sifma-ils-miami-2023\/\" data-orig-file=\"https:\/\/www.artemis.bm\/wp-content\/uploads\/2023\/03\/sifma-ils-miami-2023.jpg\" data-orig-size=\"800,519\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"sifma-ils-miami-2025\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/www.artemis.bm\/wp-content\/uploads\/2023\/03\/sifma-ils-miami-2023-300x195.jpg\" data-large-file=\"https:\/\/www.artemis.bm\/wp-content\/uploads\/2023\/03\/sifma-ils-miami-2023.jpg\" class=\"alignright size-full wp-image-99982\" alt=\"sifma-ils-miami-2025\" width=\"370\" srcset=\"https:\/\/www.artemis.bm\/wp-content\/uploads\/2023\/03\/sifma-ils-miami-2023.jpg 800w, https:\/\/www.artemis.bm\/wp-content\/uploads\/2023\/03\/sifma-ils-miami-2023-300x195.jpg 300w, https:\/\/www.artemis.bm\/wp-content\/uploads\/2023\/03\/sifma-ils-miami-2023-768x498.jpg 768w, https:\/\/www.artemis.bm\/wp-content\/uploads\/2023\/03\/sifma-ils-miami-2023-200x130.jpg 200w, https:\/\/www.artemis.bm\/wp-content\/uploads\/2023\/03\/sifma-ils-miami-2023-350x227.jpg 350w\" sizes=\"(max-width: 800px) 100vw, 800px\"\/>Exploring the secondary trading environment in the catastrophe bond sector, panellists from the investor side, in one of yesterday\u2019s discussions at the SIFMA conference, highlighted that the existence of market makers would be one of their wishes for further positive developments in cat bond market liquidity and a welcome contributor to drive overall cat bond market growth.<\/p>\n<p>Highlighting the importance of the secondary market in keeping the catastrophe bond sector functioning as it should, panellists implied that even more liquidity may be required, as the market grows.<\/p>\n<p>Mariagiovanna (Patti) Guatteri, Chief Executive Officer and Chief Investment Officer, Swiss Re Insurance-Linked Investment Advisors Corporation (SRILIAC), commented, \u201cFirst of all, let me thank everybody involved in producing pricing sheets, because these are really the cornerstone of our market. I\u2019ve been on that side, many years ago, and it\u2019s not an easy job. That\u2019s really important for valuation, without that, we couldn\u2019t have a capital market.<\/p>\n<p>\u201cThinking specifically on the secondary market, that\u2019s what\u2019s allowed liquidity of the market first of all. So without that, we could not have strategies that offer weekly, bi-weekly or monthly liquidity. So that\u2019s really great value, with all the information that provides.<\/p>\n<p>\u201cSo the secondary market is really existential to the cat bond market, and then maybe looking ahead, a wish or maybe a dream is having market makers in this market.<\/p>\n<p>\u201cI don\u2019t know if we are there yet, but maybe that should be the next step in evolving this market.<\/p>\n<p>\u201cWe need to be bigger, it\u2019s not an easy market to provide market making, but that\u2019s, you know, maybe a chicken and egg thing. We need to have bigger investing in the market to grow, that\u2019s maybe the next step.<\/p>\n<p>\u201cMaybe we then get what we need to <a href=\"https:\/\/www.artemis.bm\/news\/considered-capital-deployment-critical-on-road-to-200bn-ils-market-sifma-2025\/\">get to $200 billion<\/a>.\u201d<\/p>\n<p>Continuing on the same topic, Chin Liu, Managing Director, Director of ILS, Director of Fixed Income Solutions, and Portfolio Manager, Amundi US, added, \u201cMarket makers would be my dream come true, right? Because right now, it\u2019s all just work on order. We know sometimes the market can be very one-sided, when there\u2019s inflow everyone has money on hand, when there\u2019s outflow, nobody has any additional capacity.<\/p>\n<p>\u201cSo having a market maker in the middle, I think we want to make sure there\u2019s good profit margin for the market maker. But also that\u2019s a great way of providing liquidity, providing price discovery to the market.<\/p>\n<p>\u201cYou know if you want the bond strategy to be successful, in the end, the biggest difference between a bond strategy versus a traditional reinsurance strategy is that people are able to get out of a position at a reasonable market price.<\/p>\n<p>\u201cSo having that secondary market is a foundation to make this market function normally and like the broader fixed income market. So I think it\u2019s necessary.\u201d<\/p>\n<p>The comments come at an interesting time for catastrophe bonds and broader insurance-linked securities (ILS), when there are increasing numbers of new investor entrants and interested parties who typically come to fixed income investments with a more dynamic trading approach, such as hedge funds.<\/p>\n<p>There are now investment firms focusing on the cat bond and ILS space who have acted as market makers in other asset classes and provided liquidity into more regularly dealt strategies, such as exchange traded funds (ETF).<\/p>\n<p><a href=\"https:\/\/www.artemis.bm\/news\/cat-bond-etf-liquidity-qa-brookmont-capital-management-and-king-ridge-capital-advisors\/\">The impending launch of the first cat bond ETF<\/a> may require support from these types of players if it is to grow meaningfully in the space. So, perhaps the coming year could result in the first true market-making (or liquidity provision) activity emerging in the catastrophe bond space, making these comments at the SIFMA conference particularly timely.<\/p>\n<p>It\u2019s a function the market would clearly benefit from, if <a href=\"https:\/\/www.artemis.bm\/news\/catastrophe-bond-issuance-breaks-first-quarter-record-tracking-6bn-q1-2025\/\">the current cat bond growth curve<\/a> is to be continued or even accelerated and it could have beneficial effects for sponsors and investors. But it does come with questions about whether trading may need to become even more dynamic and how that can be supported in the space.<\/p>\n<div class=\"printfriendly pf-button pf-button-content pf-alignleft\">\n                    <a href=\"#\" rel=\"nofollow\" onclick=\"if (!window.__cfRLUnblockHandlers) return false; window.print(); return false;\" title=\"Printer Friendly, PDF &amp; Email\" data-cf-modified-2b6c24e6607848f773ed2f46-=\"\"><br \/>\n                    <img decoding=\"async\" class=\"pf-button-img\" src=\"https:\/\/cdn.printfriendly.com\/buttons\/printfriendly-pdf-button-nobg-md.png\" alt=\"Print Friendly, PDF &amp; Email\" style=\"width: 124px;height: 30px;\"\/><br \/>\n                    <\/a>\n                <\/div>\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>The entry of market makers to enhance liquidity options in the secondary market for trading catastrophe bonds would be a dream come true, speakers suggested at the SIFMA ILS 2025 conference in Miami yesterday.Exploring the secondary trading environment in the catastrophe bond sector, panellists from the investor side, in one of yesterday\u2019s discussions at the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":119205,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[94],"tags":[6415,2246,14956,14957,5041,14959,52812,47617,11589,11209,52813,29960,52814,52815,52816,5053],"dealstore":[],"offerexpiration":[],"class_list":["post-119204","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-insurance","tag-bond","tag-cat","tag-cat-bond","tag-catastrophe-bond","tag-dream","tag-insurance-linked-securities","tag-insurance-linked-investments","tag-liquidity","tag-makers","tag-market","tag-reinsurance-linked-investment","tag-secondary","tag-secondary-cat-bond","tag-secondary-market","tag-sifma","tag-true"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Market makers - A dream come true for secondary cat bond liquidity: SIFMA 2025 - Som2ny Network<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fivemor.com\/?p=119204\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Market makers - A dream come true for secondary cat bond liquidity: SIFMA 2025 - Som2ny Network\" \/>\n<meta property=\"og:description\" content=\"The entry of market makers to enhance liquidity options in the secondary market for trading catastrophe bonds would be a dream come true, speakers suggested at the SIFMA ILS 2025 conference in Miami yesterday.Exploring the secondary trading environment in the catastrophe bond sector, panellists from the investor side, in one of yesterday\u2019s discussions at the [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/fivemor.com\/?p=119204\" \/>\n<meta property=\"og:site_name\" content=\"Som2ny Network\" \/>\n<meta property=\"article:published_time\" content=\"2025-03-08T03:55:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/fivemor.com\/wp-content\/uploads\/2025\/03\/sifma-ils-miami-2023.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"519\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/fivemor.com\/?p=119204#article\",\"isPartOf\":{\"@id\":\"https:\/\/fivemor.com\/?p=119204\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\/\/fivemor.com\/#\/schema\/person\/b85e3c3dc0e1daea076524dc8810c371\"},\"headline\":\"Market makers &#8211; 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