Bermuda
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The Brian Duperreault-led reinsurer start-up has secured a cornerstone investor and aims to have an ILS fund running from day one. -
The number of sponsors has risen from 46 about a year ago to 66 over the last 12 months.
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The Bermuda regulator is consulting on a refresh of its rules that will be in force as of 1 January 2025.
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The deal announced in its Q2 results came as the carrier agreed a take-private deal.
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The firm said the move would let it build a multi-vehicle capital management platform.
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The Sussex Capital ILS platform managed $440mn at its 2019 peak.
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The firm, one of three major reinsurance fronts, said it would manage run-off in an orderly way.
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Charles Craigs will oversee Ascot’s sidecar and other third-party capital vehicles.
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The rise comes as competition has increased for ILS between jurisdictions.
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The carrier is designing an investable portfolio of long-tail risk.
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All parties interested in the case have agreed to participate in the process.
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The conflict between US and Bermuda legal systems offers no easy route for counterparties to fraud-impacted transactions.
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