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Allianz said it would assist Pimco’s new ILS business through originating collateralised reinsurance and other investments. -
People moves in the industry in the past month.
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Assets under management fell by around $5bn.
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Rick Pagnani was most recently CEO of Everest Re’s Mt Logan vehicle.
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The Pennsylvania start-up will manage the portfolio of a new liquid ILS fund offered by Rational Funds.
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Total assets have grown from $45.6mn at the end of July.
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PGGM is initially backing the rated reinsurer with $600mn to target remote US cat risk.
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The Latin American investment bank has backed the ILS start-up to launch a new low volatility fund in 2019.
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ILS funds with life strategies reported substantially higher transaction volumes in 2018, helping to drive growth in assets under management (AuM).
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The exit comes ahead of Lloyd’s closure of SPA 6129.
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Trapped capital will add to losses from Michael, Jebi and the wildfires.
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The manager is aiming to sell its products to investors in the UK and French-speaking Europe.
