AuM data
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The former Aspen Capital Markets COO hopes to set up fronting partnerships for reinsurers wanting to build out in ILS. -
The world’s largest investment company has assets under management of more than $10tn.
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The move follows Sal Tucci’s departure from the firm to set up Jireh Risk Advisors.
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The new firm has registered Jireh Re (SAC), an unrestricted special purpose insurer, with the Bermuda Monetary Authority.
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The asset manager’s reinsurance funds shrank 17% in its fiscal year to end October to reach $2.6bn.
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Baltesar worked for Hiscox Re and ILS before joining Credit Suisse ILS in 2019.
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It is understood that Ascot will continue to write worldwide retro business.
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The manager received a mandate from a new investor who had taken the call to come in ahead of Hurricane Ian.
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The insurer also emphasized that it realised more than $300mn from selling two MGA operations.
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AIG’s Q3 net cat losses of $600mn included $450mn from Hurricane Ian.
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The ILS platform has dipped to $7.8bn in assets under management, as ILS revenues were down 44% after the sale of Velocity.
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The reinsurer’s CFO and COO Michael Dennis has been named CEO, subject to immigration approval.
