Hiscox
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The consortium will offer up to $50mn of per-program capacity.
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The pension fund handed an ILS mandate to Hiscox in September 2023.
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CEO Hussain said third-party capital in 2023 remained flat.
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The bond will provide index-based, annual aggregate coverage in the US and Canada.
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The ILS sector grew in the context of 0% interest rates historically.
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Hiscox and Aeolus are looking to capitalise on strong investor appetite for cat bonds this year with their respective fund launches.
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Prabis does not envisage market softening at this stage, for reasons including wider macroeconomic impacts.
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The reinsurer lifted net reinsurance premiums by 38%, although, on a gross basis, growth was lower at 5%.
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He joins the division during a period of growth, with GWP surpassing $1bn for the first time in 2022.
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The sub-syndicate will complement Hiscox’s existing portfolio, offering additional capacity to qualifying clients.
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The division is deploying its own capital to make up for the lack of wider reinsurance and ILS capacity.
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Hiscox is approaching the January 1 reinsurance renewals “with excitement”, and is ready to deploy extra capital if pricing proves sufficiently attractive, the CEO said.
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