ILS
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The firm said this was due to planned returns of capital to ongoing investors. -
Some experienced investors are pivoting out of cat bonds and into the top layers of private ILS deals.
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O’Donnell believes RenRe is well positioned to produce longer-tail risk to third-party investors.
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Investor interest is warming up following a colder spell over the past several years.
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While rates have “definitely come down,” they were coming off a high base, Rachel Turk said.
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ILS has been a driver of innovation in reinsurance, Convergence 2025 attendees heard Wednesday.
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Mory Katz joined the broker earlier this year.
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The funds will combine credit and ILS holdings.
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Ryan Saul will work at Ledger’s broker-dealer subsidiary Ledger Capital Markets.
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The allocation is around 3% of the fund’s total assets.
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Sources have said $1bn+ of fresh capital from the region is expected to be deployed in 2026.
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Improved performance and growing investment returns played a role in the upgrade.
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The figure comprises 5.48% of insurance discount margin and 3.96% of risk-free rate.
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Bellal Rahman joins from Catalina Life Re, where he was head of finance for two years.
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The ILS services specialist has worked in the ILS market in Bermuda for 10 years.
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Charles Mixon joined the firm a year ago in a business development role.
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The resource was developed by leading ILS managers and investors.
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The CEA had $19.3bn of claim-paying capacity as of 31 July.
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The ILS manager has $6.8bn in assets and will be led by MariaGiovanna Guatteri.
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The sidecar will support five programs providing specialty frequency coverages.
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Axa IM’s acquisition by BNP Paribas was confirmed in July this year.
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ILS executives talked pricing, capacity and opportunities in casualty at an ILS roundtable in Monte Carlo.
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Arch set up Bermuda investment manager Arch Fund Management in February.
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The syndicate is targeting capital allocation for 1 January, the company confirmed.
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Hannover Re Capital Partners is in talks with two investors for 1 January launch.
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The leadership’s commentary spotlighted to value of ILS to the group.
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The volume of property cat aggregates placed grew 50% in 2025.
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The target allocation to Munich Re, Elementum and the run-off AlphaCat funds fell in the year to 30 June 2025.
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Bohm has held senior roles at BMS, Swiss Re and Aon during his career.
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The investment bank had stopped offering ILS services last September.
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Funds encompassing private ILS outperformed cat bond strategies in July.
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Aspen Capital Markets earned $169mn in fee income in 2024 alone.
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The CUO has added the role of head of private ILS, joining the executive team.
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Aaron Garcia will hold a senior role at the operation, sources have confirmed.
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The vehicle will support Platinum Specialty Underwriters, XPT Group’s MGA underwriting unit.
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The lawsuit is the latest development in the multi-billion dollar reinsurance scandal.
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The firm’s ILS vehicles posted low single-digit growth in assets under management in Q2.
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The ILS Advisers Fund Index reported a profit of 1.11% in June.
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The firm attributed a 9% drop in reinsurance NWP partly to higher cession rates.
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The merged business of Twelve Securis ranked third among ILS managers for AuM, behind Fermat and RenRe.
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The consultation period around UK ISPVs was opened in November last year.
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He replaces Andrew Hughes, who held the role since 2021.
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The carrier reported preliminary profits of EUR2.1bn, driven by “very low” major-loss expenditure in P&C re.
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Canio spent over 19 years with PGGM, with nine of those managing ILS.
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Managers believed end-investors value diversification and non-correlation of cat bonds over liquidity.
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Cat bonds remain attractive for investors seeking risk-adjusted return and diversification.
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Matthew Towsey has spent 14 years at Aon.
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The PRA will also have to report on turnaround time for new approvals against 10-day and six-week targets.
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We discuss progress in collateral management with our Outstanding Contributor winner.
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The Diversified Alternative Fund’s allocation to cat bonds was up by 31% from $386mn at 31 January.
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The Bermudian ILS manager has recently changed its name from Mereo Advisors.
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The fund’s ILS portfolio is split between 70% property cat and 30% cyber risk.
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The investment consultancy said yields increased in Q2 by less than could have been expected.
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The Cayman Islands-domiciled SPI now has four institutional backers.
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The third-party capital manager is a new entrant to the retro space.
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The total return for the Swiss Re Global Cat Bond Index stood at 0.61% for the month.
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Twelve Securis is now a challenger for the top spot on the Insurance Insider ILS leaderboard.
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The pensions scheme’s existing ILS holdings to Aeolus and HSCM are in run-off.
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M&A and shifts in distribution arrangements bring risks and opportunities.
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The fund lists Twelve, Swiss Re and Cambridge Associates as managers.
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Harry White has been with Verisk for 14 years, while Ted Gregory has been with PCS for 12.
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John Kulik will work within Ledger’s broking team, Ledger Investing.
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Investors eyeing private ILS include opportunistic allocators keeping watch on storm season.
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The man is alleged to have conspired with others to falsify LOCs and collateral letters.
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The latest update brings the agency’s combined estimate for Milton and Helene to $32.4bn.
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Lyon joins the reinsurance broker from law firm Skadden, Arps, Slate, Meagher & Flom.
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ILS offers efficient capital for underwriters, but casualty ILS transactions are complex.
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Property cat XoL rates were off by around 10% on average on a blended risk-adjusted basis.
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The Swiss pension fund has not disclosed an ILS allocation before.
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The pension plan has been allocating to ILS since 2005.
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Some assets in the Medici Fund were transferred to a new UCITS strategy.
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Berkshire Hathaway lost market share but remained the largest traditional reinsurer, our study shows.
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Fales will focus on creating investment opportunities for the carrier’s specialty reinsurance portfolios.
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The platform is based in Bermuda and will focus on strategic capital partnerships.
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Sources believe the market will grow gradually over years after its initial cluster of dealmaking.
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Investors want transparency from managers regarding the impacts of climate change.
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Commutations need to be optimal for the sponsor and the investor to avoid sponsors taking back chunky risks.
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The CEO said private ILS funds can generate additional returns of 10%-20%.
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The renewal and upsizing of the Trouvaille E&S sidecar highlighted the market’s potential.
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Private ILS would benefit from extension spreads to manage investor concerns, the CEO argued.
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The ILS manager also swung to an operating profit after posting a loss in Q1 2024.
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The casualty ILS business now has $175mn in capital.
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This year’s ceremony will include the inaugural Women in ILS Award presentation.
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The carrier increased its cession by around 13% year over year.
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He joined what was then Credit Suisse ILS in 2019, moving from Hiscox Re & ILS.
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Fellow Swedish pension fund AP3 is phasing out its ILS allocation after being active in the sector since 2008.
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He joined Nephila in 2023 from Lancashire as a senior underwriter.
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Gokul Sudarsana has been with the company since 2020, having joined from Deloitte.
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The Swiss rail pension scheme has been cutting its ILS allocation since 2018.
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Suzanne Wells is also joining the company from Arch as COO.
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The asset manager has hired Rom Aviv as head of ILS.
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LA wildfire-exposed ILS positions experienced further declines.
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Recent transactions on the platform include cat bonds from Flood Re and Brit.
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The ILS segment is not ready to gloss over loss-heavy years in renewal discussions.
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Lara Martiner joined Allianz in 2011 as group legal compliance officer and legal counsel.
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Industry sources estimate the market to be around $3bn.
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The firm also promoted Devin Inskeep to an expanded role as SVP, head of ratings and advisory.
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Guernsey’s TISE listed the world’s first private cat bond issued by Solidum Re in 2011.
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Indirect exposure to cat risk through long-term investors gives Markel optionality.
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Premiums ceded to the ILS vehicle increased by 76% to $433mn.
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The reinsurer had taken the opportunity to buy more limit across event and aggregate covers.
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ILS as a percentage of the pension fund’s total assets grew to 1.5%.
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GP Affluent Markets will look to serve high-net-worth individuals.
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The largest individual net loss at EUR230mn was caused by Hurricane Milton.
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The UK listed investment manager has almost doubled its ILS allocation since April last year.
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Tom Fealey has assumed lead portfolio manager responsibilities.
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There is the potential for cat bond H1 issuance to be a record breaking six months.
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The scope of QRT’s new ILS strategy will include cat bonds and private ILS.
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The role oversees the $187bn Canadian pension plan’s ILS allocation.
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Dispersion of returns was high, with the range 0.87% to -3.71%.
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The firm has rotated capital in sidecar Voussoir toward direct investor relationships.
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The firm reported record fee income of $128.2mn in 2024, up 26%.
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Modest increases to reinsurance costs were partly offset by the Australia cyclone pool.
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Insurance Insider ILS revealed last week that the executive was leaving Property Claims Services.
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The loss aggregator has classified the fires as two separate events for reinsurance purposes.
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Wildfire is rarely singled out as an exposure that can shift portfolio outcomes.
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Two ILS funds featured in the top five asset-raisers within the index.
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The firm will match segregated accounts of portfolios to investor mandates.
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The combined entity ranks third in the Insurance Insider ILS leaderboard.
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Liquid alternative strategies accounted for around $1.4bn of the total.
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The role at PCS included acting as primary touchpoint for ILS.
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The departures include North American Arcas head Alex Orloff.
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Neuberger Berman’s AuM stood at $3.2bn as of 1 January 2025.
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FY24 disclosures show shifting fortunes at reinsurer ILS platforms.
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Bolding will focus on aligning Gallagher Securities with Gallagher Re.
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The group ceded 55% more premium to Nephila over the year at $1.3bn.
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The value of its investment in RenRe stood at $330.4mn as of 30 June 2024.
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Derrick Easton has led Willis’s US ART team since joining the company in 2015.
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Shreeve’s role will encompass the Aon Captive & Insurance Managers’ ILS business.
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Capital inflows, notably into UCITS funds, and accumulated returns supported issuance of $17.2bn in 2024.
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The offering is a collaboration with Generali and parametric carrier Descartes.
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Peril- and geography-specific deals are being well received by investors.
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A negative January return will be unprecedented for ILS industry.
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The index delivered a total return of 1.29% for the month of December.
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Axis Capital’s fee income from strategic capital partners grew 39% to $85mn in the year to 31 December 2024, up from $61mn the year prior, the firm’s Q4 earnings release said.
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The bond went on watch after Mercury said it would exceed its $150mn retention.
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Non-proportional business accounted for 34% of its total.
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The platform will transform ILS transactions on behalf of Jireh and SRS clients.
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The firm will advise and support third-party risk capital providers.
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The platform will match partner capital to provide capacity for reinsurance placements.
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PFZW’s insurance allocation stood at $8.7bn as of year-end.
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He joins from Pillar Capital and will be based in Bermuda and New York.
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Fermat stayed in the top spot surpassing $10.0bn for the first time.
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Theo Norris joins from Gallagher Re, which brokered one of the first 144A cyber cat bonds.
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The former Credit Suisse ILS head Niklaus Hilti said working on life buyout hedges could rejuvenate the life ILS market.
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The fund returned 15.69% in calendar year 2024.
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Kusche and Rosenberg will co-lead the firm’s global ILS business.
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This comes after the firm’s distribution partner GAM has had a challenging few years.
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Several new awards are up for grabs at this year’s event.
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The strategy launched on 1 January, winning mandates from several investors
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The ILS and reinsurance broker was established last October by Raj Jadeja.
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Amin Touahri spent five years in a variety of roles at Munich Re.
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The index’s performance in November was stronger than the prior year, although YTD returns are behind 2023.
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Compressed cat bond spreads could drive some rebalancing, as M&A remains a prospect.
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The ILS manager analysed 16 UCITS fund portfolios to compare risk levels.
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The renewal marks the seventh issue of the retro vehicle.
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Cat bond investors have earned a cumulative 39.6% over 2023 and 2024.
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Novelty premiums will likely fade once investors are more comfortable with the risk.
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In the US, pricing fell by 6.2% at the major renewal.
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The manager’s Interval Fund returned 28.25% over the financial year.
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Nicole Chase was central to the build-out of Mt Logan while at Everest.
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Investment in the space comes mainly from the cat bond market, Gallagher Re said.
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The broker anticipates strengthening investor demand for collateralised re.
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The firm has commenced writing collateralised retro and reinsurance but its rated launch is still pending.
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The broker estimated ILS capital has reached $107bn.
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The UCITS cat bond segment has added 54% in AuM since Hurricane Ian.
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Casualty ILS made inroads, while hurricane hedging strategies came into focus.
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The $600mn fund could allocate up to 10% of assets to cat bonds from 2025.
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Initial spread guidance for the three-year bond is set at 425-500bps.
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The firm will also act as sub-adviser to the Brookmont ETF cat bond fund.
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The company no longer has any exposure to reinsurance contracts.
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Everest is in the process of transforming its ILS offering.
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Full year 2023 set the record to beat of $15.8bn in new issuance volume.
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The Swiss-based team of Siglo has transferred to Cambridge Associates.
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The former co-head of ILS at Schroders left the bank last month.
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The state insurer is budgeting for an extra 43% of overall coverage in 2025-26.
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Magnani has served for more than 14 years in ILS broking roles.
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The ILS manager will “pragmatically accept” a degree of credit risk in deals.
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Former ILS investors who left the space have looked again and re-allocated.
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The scheme’s ILS allocation has held steady at 0.7% of the total fund.
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The ILS manager’s existing Medici cat bond strategy stood at $1.68bn in assets under management (AuM) as of 30 September.
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The 2025 target would be ~25% larger than the $3.56bn it placed for 2024.
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Management track record has been a factor in capital raising for 2025.
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Robert Salzmann has been with the Swiss Re insurer for a decade.
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The firm is understood to be reviewing contracts to bind coverage for 1 January.
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Losses from Hurricane Milton are expected to affect only select junior structures.
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The fund will invest in listed and private transactions.
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Moderate impacts to ILS returns are anticipated from Hurricane Milton.
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The headline figure of $7.72bn includes $3.11bn of DaVinci equity plus debt.
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Shareholders are voting to approve being wound up on 18 December.
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Strong growth in fee income builds on the favourable rating environment.
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The consultation period closes on 14 February 2025.
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The ILS unit’s AuM was higher by $100mn compared to $1.9bn as of 30 June.
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The fund will be denominated in US dollars and digital currencies.
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The capital being returned to shareholders is part of a compulsory partial redemption.
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The new funds will target the US wealth market through financial professionals.
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The failure of a Jamaica bond to pay out following Hurricane Beryl damage has brought focus onto the deals.
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Daniel Ineichen, former co-head of ILS, had been with the company for nearly two decades.
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The firm sees a "robust" pipeline of potential investors ahead of the renewals.
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In its first deal, Enstar received $350mn in premium for certain 2019 and 2020 business in AlphaCat’s portfolio.
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Michael Rich left the portfolio management role in May.
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The firm will provide an update on 22 November to avoid holiday season.
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September was the strongest performing month since the index began in 2006.
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The low PCS number is presenting a challenge for ILW buyers and sellers.
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Nephila revenues would likely have been higher, but for an ‘elevated climate signal’ this year.
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The pension scheme has been winding down its ILS portfolio in recent years.
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Reserve risk specialist Enstar has struck its first deals in the ILS space this year.
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Pricing is expected to “stay neutral of soften” for January renewals.
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The sovereign wealth fund’s ILS investments grew to $828mn.
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Cat bonds, private ILS and retro were all kept at “strongly overweight”.
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The ILS allocation increased in dollar terms and held steady in euros.
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Many in the ILS sector are bullish on Milton losses falling at the lower end of earnings impacts.
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Post-Milton investor interest in ILS has yet to translate into dollars allocated.
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Losses from the hurricane may not significantly impact on many funds’ annual returns.
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Risk remote strategies, including private ILS, have outperformed higher risk strategies over the last decade.
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The Dutch scheme is the largest ILS allocator with a long list of mandates within the sector.
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The manager’s ILS allocation now spans six of its seven investment funds.
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The ILS industry alumnus is understood to have two ILS investors lined up.
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Hurricane Milton will show the ILS product behaving as investors expect it to.
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A client presentation from the broker put total insured losses at $25bn-$40bn, leaving the Citizens and the National Flood Insurance Programs clear of reinsurance impacts.
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A $40bn Milton loss should barely dent many ILS returns but will trap some capital.
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Integrity Re 2024-D and Lightning Re 2023-1A are two bonds that were marked down, although no trading has occurred.
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Collateralised reinsurance and retro are in the firing line.
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The panelists discussed the ILS reset and the path to maintaining discipline in this sector.
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The class of 2023-24 cat bond funds will grow existing investors and add new ones.
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The executive has worked for Hamilton for over a decade.
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Richard Pennay will become CEO of Aon Securities.
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The firm’s new name is inspired by 18th Century Swiss mathematician Leonard Euler.
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The performance marked the best August for ILS since the index incepted in 2006.
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The biggest limitation to growth is supply, given ILS capital “reticence” after the 2016-22 years.
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Maya Henry will be tasked with raising capital and managing clients in North America.
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The facility will provide reinsurance coverage over three underwriting years.
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The ETF format provides for publication of a daily NAV.
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The broker replaces Goldman Sachs on the business after the bank ceased offering ILS services.
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Chris Caponigro will be responsible for expanding Axa XL’s product offering and investor base.
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Brokers expect strong competition at remote risk layers at the 1 January renewal.
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A strong forward pipeline will require fast work by ILS investment houses.
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The deal freed up capital held against deals written in 2019 and 2020.
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The ILS industry offered 11 points of merit that justify cat bonds being eligible for UCITS funds.
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In an amended complaint, the ILS manager claims A-Cap has exerted control beyond its equity interests.
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AI’s ability to analyse vast datasets will help in matching risk to capital.
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Most of the ILS capital was attracted to the cat bond market.
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ILS brokers are pitching for Sanders Re and ResRe transactions.
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Cat bond funds continue to draw interest as private ILS more challenged.
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The Brian Duperreault-led reinsurer start-up has secured a cornerstone investor and aims to have an ILS fund running from day one.
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Sluggish progress on competitiveness means ILS deals are transacted elsewhere.
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Growth was driven by increased earnings and capital inflows.
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The broker said it expects strong ILS capital inflows to continue.
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The deal will boost the investment consultancy’s ILS capabilities.
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The firm’s deals so far have covered cat risk, with space ILS in scope for the future.
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The subject business of the deal is Ascot’s ~$1bn property portfolio.
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Growth was driven by strong returns and new investors entering the market.
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The executive has worked for Scor, RMS, Aon and SiriusPoint, among others.
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Building better exposure datasets could draw a broader range of investors.
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Quick-moving cat risk trading may become more prevalent in the ILS market.
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The James River-Long Tail Re deal is the latest example of deal-specific investor capital.
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The timing is “opportune” to start the strategy according to Bennelong.
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Returns were down on 2023, which benefited from favourable Ian loss development.
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Winning higher-fee private ILS mandates will strengthen firms’ negotiating positions.
