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The company has eroded about half its international catastrophe deductible following New Zealand losses. -
The acquisition gives UK asset manager Liontrust a broader European footprint and cat bond products.
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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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Capital has begun to flow again after a challenging time for ILS fundraising in 2022 – but there is a clear shift underway.
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Markel’s ILS platform maintained assets under management at $7.2bn, down by $200mn from a January figure of $7.4bn.
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In a discussion at Trading Risk’s London ILS 2023 conference, panellists compared the current cyber ILS market to the cat market in the 1990s.
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The firm noted that investor pushback at the January renewal had resulted in "the cleanest risk" being transferred to the capital markets.
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UBS previously explored setting up an ILS offering, but instead opted to offer other firms’ products.
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The New York-based executive had been one of the firm’s co-heads of ILS, leading on investor relations and sales.
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There are enough drivers supporting the trend for cat bond segment growth that ILS managers are likely to be plugging this business heavily in the short term, even if it is less attractive in fee yield.
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The uplift was helped by the Atropos Catbond fund surpassing $1bn.
