AuM data
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UBS previously explored setting up an ILS offering, but instead opted to offer other firms’ products. -
The New York-based executive had been one of the firm’s co-heads of ILS, leading on investor relations and sales.
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The uplift was helped by the Atropos Catbond fund surpassing $1bn.
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The real test for cat capacity will come at the mid-year point, according to Gallagher Re.
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The new higher-rate world brings the threat of some investors staying in a risk-off mentality.
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The rival Swiss bank did not have an ILS operation.
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The division is deploying its own capital to make up for the lack of wider reinsurance and ILS capacity.
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The ILS expert had joined as a portfolio manager in 2018 from Ontario Teachers’ Pension Plan.
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The ILS manager said the cat bond sector could double to become a $70bn market in the next three to five years.
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The manager’s life & alternative credit segment invested in the reverse mortgage specialist.
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The insurance conglomerate initially committed $50mn to Elementum funds.
