Hiscox Re Insurance-Linked Strategies
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Samild held multiple roles including head of alternatives at the Future Fund. -
Reinsurers are confident on cat rates and ready to deploy ILS capital.
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Around 95% of the Hiscox Re & ILS portfolio is rated rate “adequate” or better.
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The carrier posted its H1 results earlier today, beating analyst consensus.
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The unit said capital in the ILS market remains more than adequate to meet rising demand.
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The unit’s premium reduced by 4% for the first quarter.
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The cost of reinstatement was included in $170mn wildfire net loss figure.
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The firm reported record fee income of $128.2mn in 2024, up 26%.
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Strong growth in fee income builds on the favourable rating environment.
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The firm sees a "robust" pipeline of potential investors ahead of the renewals.
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The class of 2023-24 cat bond funds will grow existing investors and add new ones.
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The CEO cited ‘no change’ in appetite from a shift in the capital mix.
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Fee income at the Re & ILS division grew by 58% to $44.3mn in H1.
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He left his role as portfolio manager at Hiscox Re & ILS last year.
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The firm’s AuM was down 17% on $1.8bn as of 31 December.
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The firm’s assets under management dropped to $1.6bn, as a capital return more than offset new inflows.
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The bond, which increased in size by 25% to $125mn, priced at the lower end of the previously guided range.
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The Australian sovereign wealth fund first allocated to the ILS manager in 2016.
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Hiscox said outflows from the ILS unit were offset by "record returns" in Q3.
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The industry’s ability to draw new capital will hinge on the outcome of the Atlantic hurricane season.
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The reinsurance and ILS unit posted strong net premium growth supported by additional capital from Hiscox Group.
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The ILS expert had joined as a portfolio manager in 2018 from Ontario Teachers’ Pension Plan.
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The reinsurer manager described Q3 net inflows as “broadly stable”.
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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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The firm reserved $40mn for Ukraine, citing ‘small net losses’ in Re & ILS.
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The underwriter had worked at Hiscox since 2019 following a long stint at Ariel Re and predecessor entities.
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The carrier recorded $224mn of natural catastrophe losses.
