AuM data
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The UK asset manager’s ILS strategy is operating across six of its multi-asset funds. -
The current year performance marks an uplift compared to a tough 2022, in which Elementum delivered a loss to White Mountains of 4.6%.
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The takeover will push it up two places to rank as the fifth-largest writer of P&C reinsurance by gross premium.
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AIG will invest a significant amount into Fontana and DaVinci.
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The company has eroded about half its international catastrophe deductible following New Zealand losses.
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The acquisition gives UK asset manager Liontrust a broader European footprint and cat bond products.
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The reinsurer lifted net reinsurance premiums by 38%, although, on a gross basis, growth was lower at 5%.
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Markel’s ILS platform maintained assets under management at $7.2bn, down by $200mn from a January figure of $7.4bn.
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UBS previously explored setting up an ILS offering, but instead opted to offer other firms’ products.
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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.
