ILS

Investors have been experiencing inflows while new volumes in Q1 were lower than expected.

The pricing guidance on the catastrophe bond is now 10% below initial guidance.

The casualty ILS fund has been on a hiring spree since its $75mn Series B fundraise in June last year.

The managing director had spent eight years at Aspen before joining the ESG start-up.

The Chicago-based carrier is targeting $100mn of Florida named storm coverage.

The ILS executive formerly served at Credit Suisse ILS and Lombard Odier.

Reinsurers congregating in Bermuda flagged a lack of interest in helping under-capitalised Floridian insurers and under-priced diversifiers, with positive implications for ILS participation.

The reinsurer retained EUR321.9mn of Hurricane Ian losses on its own book.

The large-loss impact to the P&C Re combined ratio rose 0.4 percentage points to 7.9% for the full year compared with 2021.

Former retro broker Erik Manning is leading the initiative having joined BMS Re in January.

The division is deploying its own capital to make up for the lack of wider reinsurance and ILS capacity.

The transaction builds on a $1.15bn first-of-its-kind hybrid bank and ILS capital deal in April last year.