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The ILS platform lifted fee income by a third year on year, offsetting its investment loss.
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Alleghany recorded $3.3mn investment income from its ILS holdings, up nearly three-quarters year on year.
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The business bought 30 percent of the ILS manager for $55mn in May.
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The insurer reported $17.7mn of income from sidecar investors and MGAs.
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The growth contrasted with a 2 percent slide in collective assets among the top tier of ILS players.
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Its new acquisition offset lower revenues from the Markel Catco business, which will take about three years to run off.
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“We're not trying to grow for the sake of growing,” Everest Re’s reinsurance chief executive John Doucette told analysts yesterday.
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The ILS fund, which contains insurance and reinsurance risk, continues to attract investors. -
BlueOrchard manages the InsuResilience Investment Fund which provides access to insurance in the developing world.
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The ILS unit has reached $1.6bn assets, as Hiscox’s reinsurance group was hit by 2018 loss creep.
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The Reinsurance Opportunities fund holds $40.2mn in cash across its two share classes, with the remainder invested or in side pockets.
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On sweltering weeks like this, you can see why climate change has become a talking point that every ILS manager has to cover in their pitch for new investor mandates.
