ILS
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As of year-end 2022, the fund’s largest ILS allocation was in a RenRe fund. -
Mortgage ILS issuance has totalled $787.2mn so far this year.
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The ILS executive is departing the ILS platform following RenRe’s move to buy Validus Re for ~$3bn.
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Stephan Ruoff will continue his duties as global head of ILS.
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The fund has been adapting its investment strategy in light of inflation and rising interest rates.
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The partnership aims to provide ILS strategies to institutional investors in Australia and New Zealand.
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The Bermuda-based collateralised reinsurance platform Sussex Capital was set up in December 2017 and had more than $400mn of assets at its peak.
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The fund had taken major losses on cat-related investments, including through Southeast primary carriers Weston and Southern Fidelity.
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Stress-test numbers were increased to 112, including scenarios of losses in multiple years, up from 105.
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Cyber reinsurance has around $500mn of annual capacity currently supporting the space.
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Fermat’s John Seo said the industry can “see the wall of money coming in, but it’s coming in slowly”.
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The recent ILS start-up was the only new mandate for 2022 after the Dutch firm had added two new mandates in 2021.
