Collateralised reinsurance
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Christopher Harris, who also held senior positions at Montpelier Re, has made the move to Hudson Structured Capital Management's advisory board. -
The firm is “far from a start-up” according to head of ILS business Rick Pagnani.
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The reinsurer announced it is looking at setting up a separate balance sheet to write risk on behalf of third-party investors.
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The CEO was speaking as Aon launched a new auction platform in Monte Carlo.
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Trapped capital is becoming a more important consideration in pricing of collateralised reinsurance contracts, a report said.
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Continental reinsurers and Lloyd’s pulled back use of collateralised retro but overall reinsurance use of ILS retro rose from 2015 to 2018.
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The platform was launched by Guy Carpenter in 2017, and this is the first year it has transacted deals.
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Initial market speculation was that the firm would focus on the sidecar market but it will pursue more of a mainstream ILS offering.
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The broker also signalled its ambition to offer passive investment portfolios to ILS investors.
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Firming market an opportunity for the growing ILS fund, according to the analysts.
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The ILS fund manager reports that the cost of reinsurance via cat bonds is now “painfully expensive” for some cedants.
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A paper by academics at Hamburg University compared the results of the Swiss Re global cat bond indices against indices from various other sectors.
