Credit Suisse Insurance-Linked Strategies
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The firm’s new name is inspired by 18th Century Swiss mathematician Leonard Euler. -
The sale is expected to be completed by the end of the year.
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Diversification in perils and regions can help the market grow.
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The early redemption of the Credit Suisse bond comes after the bank was acquired by its rival UBS last year.
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A market-wide loss of $700mn would amount to around 15% of the total amount of life ILS assets under management .
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The firm has posted a combined ratio of 75.4% for 2022.
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UBS previously explored setting up an ILS offering, but instead opted to offer other firms’ products.
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The rival Swiss bank did not have an ILS operation.
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Baltesar worked for Hiscox Re and ILS before joining Credit Suisse ILS in 2019.
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The incoming CUO joins from InsurTech MGA Kettle, where he was also CUO.
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Aeolus must return the held collateral to Credit Suisse.
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The syndicate won new backers after Credit Suisse ILS significantly scaled down support.
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