ILS
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Following rate increases at 1 January, projected fund returns for 2023 are up several points year on year, with a boost also from higher Treasury rates. -
The CFO of parent company Markel has said it aims to lean into property cat through Nephila.
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Pure cat bond funds outperformed the sub-group which includes private ILS for the year.
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Cat activity and financial market volatility had impacted investor’s allocations to ILS and redemptions, Markel said.
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An imbalance of capital supply and demand led to strong increases to spreads at issuance for index-linked and indemnity bonds.
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The headline market drop in AuM belies a more lively growth story for funds operating outside of the ILS major league.
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The Zurich-based ILS manager has entered a partnership with the new life ILS firm set up by former Securis CUO Paul Whiting.
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Conviction for ILS has shifted to ‘overweight’ from ‘neutral’ at the manager.
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The former Aspen Capital Markets COO hopes to set up fronting partnerships for reinsurers wanting to build out in ILS.
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The former Lancashire treaty underwriter had worked at the ILS platform since October 2021.
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Beazley’s bond was hailed as a “great first step” but challenges remain, although others are already working on narrower cloud outage transactions.
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The move follows Sal Tucci’s departure from the firm to set up Jireh Risk Advisors.
