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The Australian bank is willing to lend against a broader range of instruments than cat bonds. -
Firms will not cover their cost of capital this year, though capital positions remain robust.
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It made a 4.4% gain over the past year from its insurance holdings, and has made 7.9% per annum since inception.
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The carrier said it had added new ILS structures, as it took $187mn in Covid losses.
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The sidecar's asset base has fallen by around $140mn in the past year.
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Everest Re said it has written more retro and has enough firepower for market opportunities.
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The reinsurer wants to take more net risk after raising £400mn new equity earlier this year, but is facing a steep drop in ILS support.
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The departures follow a review of the Credit Suisse-backed firm’s underwriting strategy which will see it focus on bigger lines across a smaller client set.
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AIG turned a $2mn investment loss from its small stake in the ILS manager's funds.
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The firm's ILS AuM remains at $1.5bn nominally, but reserves pulled deployable capital to $1bn.
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The (re)insurer also said most of LCM’s investors have appetite to go forward and remain active in the ILS market.
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The manager’s MGA operations boosted ILS revenue despite lower AuM.
