AuM data
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This came as Everest Re fell to a $44mn underwriting loss on a pre-reported prior-year reserve charge. -
Markel’s ILS revenues were impacted by the Markel Catco run-off and Lodgepine start-up costs.
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Returns have disappointed some institutional investors, but prospective rates may attract fresh investment, sources said.
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The additional raise takes the carrier’s committed capital to $3.2bn.
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Ben Somers, former head of investor relations, has left after more than 11 years at the company.
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The ILS market expanded by $1bn in Q3 but still shrank by 4% over the first nine months of 2020 to $92bn.
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The emerging markets specialist aims to raise around $860mn of additional funds by 2025.
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Leadenhall more than tripled its deal volume and Schroders has increased its assets under management in 2020.
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The new Bermuda venture launched at the beginning of the year as part of the business’s scale-up.
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The new vehicle gives third-party investors access to Premia’s run-off investments.
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Target investments could include cat bonds and other reinsurance, though the allocation size is unknown.
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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.
