ILS
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The obvious question is where is the capital behind the letters of credit that were being pledged on its transactions.
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The ILS fund now comes in at the 26th spot on Trading Risk’s ILS fund manager directory.
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The cat bond fund posted returns of around 10.75% for the first six months of Stone Ridge’s financial year.
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The carrier has agreed to acquire the former Credit Suisse ILS unit, following the acquisition of sister company Humboldt Re in 2021.
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The bulk of risks linked to a new investment grade cat bond it is working on relate to US private motor risks, with a fifth from commercial motor.
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With fundraising still difficult outside the liquid ILS segment, managers are looking for ways to shore up their economic proposition.
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Loss-free accounts were generally up 20%-50% at renewal, the reinsurance broker said.
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The distribution arrangement will cover Securis's full range of ILS offerings.
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The firm’s 1st View report on the July renewals also flagged that an oversupply of ILW capacity may bring down attachment points relative to early 2023.
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The fund ranks 19th in Trading Risk’s ILS fund manager directory following this disclosure.
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The broker estimated global reinsurance capital rose by $30bn over the first quarter, with a 7% uplift in alternative capital and a 5% recovery to traditional equity.