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The firm reported a $100mn drop in ILS AuM to $1.4bn, although previously had said deployable capital was lower. -
The fund’s worst ILS return to date is understood to be driven by investments hit by Covid-19.
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Recent investor inflows to its cat bond UCITS have brought it to over $1bn assets under management.
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The Insurance Capital Fund combines US wind cat bonds with subordinated debt issued by European insurers.
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The company also lowered the attachment points on its per-occurrence and aggregate property catastrophe treaties after shrinking its portfolio.
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Parent company AIG posted an underwriting loss for the period.
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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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Assets under management at the sidecar rose 12.5% year-on-year to $900mn by the start of 2021
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This came as Everest Re fell to a $44mn underwriting loss on a pre-reported prior-year reserve charge.
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Markel’s ILS revenues were impacted by the Markel Catco run-off and Lodgepine start-up costs.
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Returns have disappointed some institutional investors, but prospective rates may attract fresh investment, sources said.
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The additional raise takes the carrier’s committed capital to $3.2bn.
