AuM data
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Target investments could include cat bonds and other reinsurance, though the allocation size is unknown. -
The ILS manager is in cost-cutting mode as assets shrink, but the run-off may lead other ILS managers to reconsider their tactics with rated platforms.
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The Credit Suisse-managed firms will stop underwriting new business as of 1 January.
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The companies said they will pursue a “controlled exit” as the affiliated ILS manager continues to draw back following a reduction in assets.
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The Q4 figures represent an increase of 24% since July 2020.
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The company has expanded its sidecar in recent years but this will allow it to tap into a different investor base.
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Pessimism around trapped capital is growing, but low reported losses may mitigate the issue.
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The Zurich-based manager holds the industry's fourth spot after a steeper year-end 2019 drop.
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The Atropos fund has delivered 6.29% yield and recorded gross inflows of over $140mn since the beginning of 2020.
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The firm said it planned to focus on new vehicles that would increase permanency of third-party capital.
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More ILS funds are allocating to retro than in past years, while a third of investors are expecting to increase their allocations slightly.
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The new paired entity will allow the company to grow its reinsurance business, starting with a deal covering $10bn of annuities.
