Full syndicates approved in the five-year period have generally underperformed.
The four European carriers have significantly outpaced Bermudian reinsurers in GWP growth so far this year.
Casualty rates and T&Cs should improve for 24-36 months, the executive said.
The mooted lead-follow arrangement was another bone of contention.
The Hyperion X analytics head said the process would be “painful and nerve-wracking” but would enable more trading opportunities.
Inside P&C analysts applaud loss ratio improvement but note there is more work to be done on expenses and capital efficiency.
The latest Galileo cat bond has five tranches and will cover various natural catastrophe risks in the US, Canada, Puerto Rico and the US Virgin Islands, Europe and Australia.