Commissions on QS deals fall and excess of loss rates show modest improvement in the US.
The reinsurer has absorbed almost $500mn of losses from its sister company in less than two years.
The programme has been sustained by a dozen short-term lifelines amid political impasse in the US Congress.
An increase in activity at the oil and gas fields helped maintain the industry’s premium pot.
The Willis Re executive said 2019 could be a challenging year for some ILS managers, as some products have performed poorly.
ILS showed reinsurers the New World, but reinsurers have now learned to live in it.
Expectations of rate rises and outsized catastrophe losses resulted in a subdued annual performance for the composite index.
Reduced ILS capacity is impacting the sidecar and retro market in particular.