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The ILS segment is not ready to gloss over loss-heavy years in renewal discussions. -
Industry sources estimate the market to be around $3bn.
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Founding partners DeCaro and Rettino will continue to provide oversight and investment advice.
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The cat bond manager warned of excess downside risk owing to an accumulation of losses.
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Flood Re’s bond Vision 2039 bucked the trend by pricing up 7% as its secured £140mn ($174mn) of limit.
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Indirect exposure to cat risk through long-term investors gives Markel optionality.
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ILS as a percentage of the pension fund’s total assets grew to 1.5%.
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GP Affluent Markets will look to serve high-net-worth individuals.
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The UK listed investment manager has almost doubled its ILS allocation since April last year.
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Tom Fealey has assumed lead portfolio manager responsibilities.
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Some $625mn of new issuance entered the market in the first week of March.
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There is the potential for cat bond H1 issuance to be a record breaking six months.
