AuM data

AIG's reinsurance subsidiary has just $155mn of losses to retain before triggering retro recoveries.

The carrier’s ILS revenues tripled year on year after its Nephila acquisition.

The Everest Re sidecar shrank by $6mn, as the carrier fell to an underwriting loss for the quarter.

Broader risks could entice new investors to the ILS space, Dan Brookman head of alternative capital at Axa XL said at Trading Risk’s conference in New York earlier this month.

The present CEO of the AIG-owned ILS manager Lixin Zeng will hand over the reins in mid-2020, it is understood.

The firm is “far from a start-up” according to head of ILS business Rick Pagnani.

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.