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Partial owner White Mountains said conditions for ILS investing are “attractive”. -
CEO Luca Albertini has no immediate plans to step down but the firm said the promotion provided clarity on succession plans.
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The allocation increased in dollar terms by just under 2% during the past year.
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With reinsurance availability scarce and costs rising, several carriers have called an interim halt to new homeowners’ business.
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The ILS fund said the funding would support the company’s growth prospects.
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Major ILS providers active in Florida including Nephila and Aeolus lifted assumed premiums.
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The issuance will be fronted by Hannover Re with an initial attachment level of $2.2bn.
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The bond will provide cover against named storms in the US.
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The hire of the senior Horseshoe executive follows two earlier ones, as Bryce Wojciechowski and Alex Staab joined as analysts.
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The carrier has shared insurance and reinsurance risk with ILS partners in the past, but the ILS team reports to Axis Re CEO Steve Arora.
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Thunderstorms in the US and an earthquake in Japan caused minimal losses to ILS.
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The firm reserved $40mn for Ukraine, citing ‘small net losses’ in Re & ILS.
