AuM data

The acquisition will not impact the ILS fund manager, managing partner and president Richard Pennay has said.

Assured Guaranty paid $160mn in cash for the alternative asset management firm which has $18.9bn in assets under management.

Martin McCarty’s new responsibilities will include servicing Axis’ strategic capital partners.

The combined $2.1bn offering will now look to develop common products and funds, according to the Coriolis CEO.

The deal announced in May takes the reinsurer’s ILS assets to $2.1bn.

CEO Greg Hendrick said the third-party capital platform could eventually be used within the entire Axa group.

Jeff Fraser was assistant vice president of cat pricing at the insurer before joining the ILS start-up.

The handful of reinsurers to disclose third-party fee income lifted this source of earnings by almost a third year on year in the second quarter.

M&A activity has made analysing structural conflicts in ILS platforms harder but winners may be those that offer a range of means of access to risk, consultants say.

Graham joins from Lancashire Insurance Company where he was operations and claims manager.

Improvements to models and peril exclusions are expected to encourage growth once losses have been settled, the ratings agency said.

As ILS reinsurers recover from the 2017-2018 loss years, the consensus view now is that the market will see a “flight to quality” by investors, bolstering the position of some platforms while eroding the asset base of poorer performers.