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The reinsurer confirmed its intention to reduce the K-Cession sidecar for 2025. -
Cheaper traditional reinsurance as of mid-year may have dampened deal pipeline.
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The failure of a Jamaica bond to pay out following Hurricane Beryl damage has brought focus onto the deals.
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Daniel Ineichen, former co-head of ILS, had been with the company for nearly two decades.
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The firm’s AuM in four key vehicles rose $526mn in Q3.
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Michael Rich left the portfolio management role in May.
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Latest pricing suggests secondary market traders are baking in further loss development.
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Some $409mn of volume entered the market in the week to 4 November.
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The low PCS number is presenting a challenge for ILW buyers and sellers.
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Nephila revenues would likely have been higher, but for an ‘elevated climate signal’ this year.
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Fee income fell by 42% to $25.1mn in Q3 over the prior-year quarter.
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The pension scheme has been winding down its ILS portfolio in recent years.
