Casualty
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The property market remains “one of the most favorable ... I've seen in my career,” the executive said.
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The broker’s report also hailed the best risk-adjusted margins for ILS investors in a decade.
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The broker said global cat rates rose 3% in the 1 January reinsurance renewals.
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The reinsurer said hardening of property reinsurance conditions must continue.
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The transaction covered a portfolio of $250mn in casualty risk premiums.
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The scandal over letters of credit at Vesttoo has put a spotlight on the casualty ILS segment, where Ledger Investing is growing market share.
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The obvious question is where is the capital behind the letters of credit that were being pledged on its transactions.
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The company’s targeted Vescor cat bond would have provided collateral to meet auto and other obligations, but there were multiple structural points of risk for investors.
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The firm’s statement followed allegations in Israeli tech media of missing collateral linked to deals it was concerned in.
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The aim is to launch a casualty ILS product that would enable Saudi investors to access US casualty risk.
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The casualty ILS fund has been on a hiring spree since its $75mn Series B fundraise in June last year.
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The former analyst at Aeolus joins the growing number of ILS experts to join the firm.