Ariel Re
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The capital partners unit was launched via London Bridge 2 in Lloyd’s last year. -
The new commingled fund will target investors with $5mn or higher potential investments.
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Cat bond funds continue to draw interest as private ILS more challenged.
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ILS capital so far is viewed by sponsors as strategic rather than essential.
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Market sources are speculating on the reasons behind the spread widening on index-based deals.
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The consortium will offer up to $50mn of per-program capacity.
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The reinsurance executive is returning to Ariel Re where she was among the firm's earliest hires in 2005.
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The carrier becomes the first syndicate to use the new London Bridge structure.
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The reinsurer said it wants to support disaster recovery in a way that reduces environmental harm.
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Multiples on the transaction remain much higher than on prior Titania Re bonds.
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The carrier is aiming to raise up to $125mn of retro cover from the transaction.
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The bond’s two tranches will provide cover for named storm and quake in the US, District of Columbia, Puerto Rico, the US Virgin Islands and Canada.
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The pricing guidance on the issuance is a step change compared with 2021’s Titania Re bonds.
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The two Lloyd’s players are the first to bring sidecars to market as they seek to capitalise on surging projected returns.
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The Lloyds-centric reinsurer has become a signatory member of the Standards Board for Alternative Investments.
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The reinsurer said the deals would enhance its abilities to provide innovative solutions for clients.
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The recruit was formerly a portfolio manager at Nephila Capital.
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The carrier is looking to raise annual aggregate protection from the new ILS deal.
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The firm has hired former head of specialty at Ariel Re, Amit Shah.
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The deal will carry an insurance premium that settled 14% below the sponsor’s initial target.
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The carrier has shaved 50 basis points off the projected coupon for the ILW bond.
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The transaction will be conducted through the firm’s Syndicate 1910 at Lloyd’s.
