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Two M&A deals in the ILS sector in the past month provide a contrasting view on what kind of acquirers may step forward in the future.
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The firm warned that it expected continuing industry adverse development into 2019. -
The $1bn ILW specialist will be remained NB Insurance-Linked Strategies after the sale.
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The asset manager’s CFO praised the ILS fund’s excellent management.
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Catastrophe losses added 9.0 points to the (re)insurer’s combined ratio as Hurricane Florence and Typhoon Jebi pushed up losses, mainly impacting its reinsurance division.
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The firm’s Fermat-managed ILS portfolios lifted assets under management to $3.3bn in Q3.
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UK bank Lloyds has set up a JV with the investment manager, which owns a share in $3bn ILS manager Secquaero.
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The asset manager and Oppenheimer’s former owner MassMutual have entered into an agreement which will bring Invesco’s total assets under management to $1.2 trillion.
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The fund is one of a number of new mutuals to launch in the sector.
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The company is moving away from market-facing collateralised reinsurance funds, head of alternative capital Dan Brookman told this publication.
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Combined net assets for the High Yield and Interval Funds remained stable at $6.99bn at the end of July, Stone Ridge said.
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Mt Logan Re investors took $133.8mn of losses in Q2 as its parent Everest Re suffered from adverse development on 2017 claims, undoing the benefit of reserve releases booked in the fourth quarter last year.
