Elementum Advisors
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The value of White Mountains’ stake in the ILS manager grew last year despite the firm shrinking its holding.
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The fund’s allocation to ILS decreased for the first time in three years.
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The Elementum executive told Trading Risk New York that “appropriate returns” over time were the key to a sustainable ILS market.
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The current year performance marks an uplift compared to a tough 2022, in which Elementum delivered a loss to White Mountains of 4.6%.
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All five new partners will retain their existing roles alongside their new responsibilities as partners.
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The insurance conglomerate initially committed $50mn to Elementum funds.
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The headline market drop in AuM belies a more lively growth story for funds operating outside of the ILS major league.
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Shabnam Ahmed joined the firm in October 2020 to build up its portfolio and train junior underwriters.
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The market needs to improve on contract certainty to manage pricing cycles better, Rettino told Trading Risk New York 2022.
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The hardening rate environment in Florida provided a mid-year opportunity for some, but overall there was little growth.
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Partial owner White Mountains said conditions for ILS investing are “attractive”.
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The manager’s Bermuda and Chicago teams have been boosted in recent months.
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Lauer and Bean work in operations and Denny on the investment side.
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The addition follows the launch of a new high-risk strategy earlier this year.
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The investor more than doubled its allocation to Elementum Advisors.
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The investment house made a blended 0.7% underwriting return via its holdings in Elementum funds and 7% cash yield from its ownership stake in the firm.
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Lynette Pirilla Walter takes on the chief legal officer role as John Drnek joins the firm in Bermuda as general counsel.
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The $20bn fund has 2% of its assets allocated to ILS, equal to about $400mn.
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Ben Somers, former head of investor relations, has left after more than 11 years at the company.
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Jagoda was one of the founding staff at Elementum.
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The specialist ILS manager has also made a number of senior appointments.
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CEO George Manning Rountree says the firm's Elementum Advisors business is in good shape.
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The investor bought a minority stake in Elementum last year.
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The $1.28bn fund allocates assets across multiple alternative strategies.