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Ben Somers, former head of investor relations, has left after more than 11 years at the company. -
The ILS market expanded by $1bn in Q3 but still shrank by 4% over the first nine months of 2020 to $92bn.
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The emerging markets specialist aims to raise around $860mn of additional funds by 2025.
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Leadenhall more than tripled its deal volume and Schroders has increased its assets under management in 2020.
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The new Bermuda venture launched at the beginning of the year as part of the business’s scale-up.
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The new vehicle gives third-party investors access to Premia’s run-off investments.
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Target investments could include cat bonds and other reinsurance, though the allocation size is unknown.
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The ILS manager is in cost-cutting mode as assets shrink, but the run-off may lead other ILS managers to reconsider their tactics with rated platforms.
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The Credit Suisse-managed firms will stop underwriting new business as of 1 January.
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The companies said they will pursue a “controlled exit” as the affiliated ILS manager continues to draw back following a reduction in assets.
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The Q4 figures represent an increase of 24% since July 2020.
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The company has expanded its sidecar in recent years but this will allow it to tap into a different investor base.
