Hudson Structured Capital Management
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The Bermuda firm said HS Sawmill reflected its continued focus on life insurance. -
The pensions scheme’s existing ILS holdings to Aeolus and HSCM are in run-off.
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Slide is putting faith in tort reforms and will lean into Florida, CEO Lucas said.
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Gokul Sudarsana has been with the company since 2020, having joined from Deloitte.
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GP Affluent Markets will look to serve high-net-worth individuals.
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Park assumed the role earlier this month.
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The fund is a continuation vehicle for five of HSCM's life insurance interests.
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The year brought a degree of closure on the loss-hit years of 2017-2021, while the outlook remains changeable for ILS managers.
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The fund had taken major losses on cat-related investments, including through Southeast primary carriers Weston and Southern Fidelity.
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Bernard Opoku will replace Jeff Sangster as CFO effective 1 October.
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The executive joined the company from Scor, where he helped to launch Scor P&C Ventures.
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Hudson Structured Capital Management (HSCM) Bermuda has set up an insurance credit strategy seeded with $400mn of initial capital from Security Benefit Life Insurance Company.
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Former Ariel Re executive Edouard von Herberstein was one of the founding team at HSCM and is leaving to pursue other opportunities.
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HSCM Ventures partner Vikas Singhal will join the Inclined board.
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UPC policyholders could be force-placed by their mortgage lender.
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HSCM has had a majority stake in the company since 2020.
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Despite capital infusions into the firm, the Florida insurer was unable to stave off receivership.
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Southern Fidelity said until it could be sure of reinsurance capacity it could not bind cover, as renewals have been delayed.
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The deal propels HSCM total AuM and capital commitments to above $4bn.
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Part of the loan will be used to pay a $120mn dividend to HG Global equity holders.
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InsurTech Buckle has expanded its offer across Maryland and Nevada.
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He spent seven years at Arch Capital and will be working on HSCM’s reinsurance strategies.
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The transaction reflects the evolution of the Weston Group and its plans to expand its coastal offerings across the US.
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Foundation Capital, Revolution’s Rise of the Rest Seed Fund, Clocktower Technology Ventures, Sure Ventures, and several angel investors, also joined the seed funding round.
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The charity made history this year with its issuance of the first ever humanitarian cat bond.
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Matt Berdoff, Jason Braunstein and Wendy Wong-Tsang have joined the firm’s partnership.
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The managing general agency is looking for new lines of business, having seen its cyber team and capacity provider depart ahead of renewals earlier this year.
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The round was led by Telstra Ventures, with other funds involved including Hudson Structured Capital Management and ArcTern Ventures.
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Existing investors including State Farm Ventures, Formation8 and Brewer Lane Ventures also participated.
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Investors are seeking to take higher-attaching risks with pure peak peril deals in stronger demand.
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Helios said the deal is part of a £60mn share offering to fund further Lloyd’s capacity acquisitions.
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The ILS firm has previously invested with the company.
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The deal gives life insurer and asset manager Eldridge the opportunity to take an equity stake in the future, with further capital commitments likely.
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The move follows the company hiring new InsurTech partner Adrian Jones last month.
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The ex-Scor staffer will work to expand HSCM’s InsurTech business and serve as managing director.
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The vehicle raised $240mn in an offering priced at $10 a share.
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The deal is the latest in a slew of recent blank check listings this year.
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The Q4 figures represent an increase of 24% since July 2020.
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The cyber insurance sector is set to grow to $20bn by 2025, the broker said.
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It is expected that the transaction will close in the first quarter of 2021 and that Vault will retain its A- rating from AM Best.
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The deal continues HSCM's progression into primary markets.
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Southern Fidelity has struggled during a busy 2020 storm season because of its exposure to the Gulf states.
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The sting could be in the tail for reinsurers dropping agg risk.
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The transaction, led by Markel Specialty, showcased a new Aon IP capital market solution.
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The January agreement remains subject to regulatory approval.
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The deal will give Buckle access to Gateway’s 47 US state insurance licences.
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The deal will see HSCM founder Millette and HSCM Bermuda clients assume majority control of the holding company.
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The launch will bring collateralised reinsurance transforming in-house.
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It becomes the eighth ILS specialist firm to join the standards association, and the third this year.
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The Bermudian ILS fund was one of the supporting investors in a $123mn fundraise.
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Major cat reinsurance losses are unlikely without over-reaching judicial action, the HSCM Bermuda leader argued.
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The syndicate provides the ILS manager with access to high net worth insurance risk.
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The investment comes as R&Q positions itself to take advantage of pandemic-related market dislocation.
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Legacy and bank financing offers have yet to take off as competitive concerns hold some deals back.
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But ILS market exposure to contingency covers is limited, CUO von Herberstein said.
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As of 30 June last year, the fund had deployed $40mn of its committed funds to HSCM Bermuda.
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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.
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Bold Penguin has raised $32mn from a series B funding round.
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The investment comes as Hudson Structured surpassed $2bn of assets under management.
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The InsurTech uses satellite imagery to provide underwriters with data on individual properties.
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The trio of companies have all given their support to the auto start-up, with Third Point Re also providing reinsurance.
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Speaking at the Trading Risk Rendez-Vous in New York, Hudson Structured Capital Management’s Michael Millette said modelling misses helped the reload last year.
