AuM data

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.

The ILS platform lifted fee income by a third year on year, offsetting its investment loss.

Alleghany recorded $3.3mn investment income from its ILS holdings, up nearly three-quarters year on year.

The business bought 30 percent of the ILS manager for $55mn in May.

The insurer reported $17.7mn of income from sidecar investors and MGAs.

The growth contrasted with a 2 percent slide in collective assets among the top tier of ILS players.

Its new acquisition offset lower revenues from the Markel Catco business, which will take about three years to run off.