AuM data
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The restructure also includes CEO Dirk Lohmann becoming Schroder’s head of ILS. -
A Markel executive said he expects most investors will seek to cash out by March 31.
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The insurer took a $179mn hit to its Q4 results from loss of goodwill.
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The Luca Albertini-led ILS manager will become a direct subsidiary of the Japanese insurance group, rather than being held by MS Amlin.
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The Bermuda-based ILS manager withdrew from the insurer’s reinsurance treaty following losses in 2018.
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Allianz said it would assist Pimco’s new ILS business through originating collateralised reinsurance and other investments.
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People moves in the industry in the past month.
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Assets under management fell by around $5bn.
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Rick Pagnani was most recently CEO of Everest Re’s Mt Logan vehicle.
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The Pennsylvania start-up will manage the portfolio of a new liquid ILS fund offered by Rational Funds.
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Total assets have grown from $45.6mn at the end of July.
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PGGM is initially backing the rated reinsurer with $600mn to target remote US cat risk.
