ILS
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The former AlphaCat and Aspen executives have teamed up to bring an ESG focus to a new independent ILS platform. -
The underwriter had worked at Hiscox since 2019 following a long stint at Ariel Re and predecessor entities.
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Experts say cyber ILS offerings including cat bonds could be near, but concerns over structures, modelling and correlation persist.
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Hestia Re covers named storms in Florida on an indemnity, per-occurrence basis. It attaches at $125mn.
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The first-of-its-kind deal blends bank financing with ILS funding.
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The firm has grown beyond traditional ILS over the decade since its formation.
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March brought a flurry of people moves in the ILS market.
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Swiss Re’s Sector Re includes aviation coverage, while some direct ILS exposures exist in marine retro where firms like ILS Capital and Lancashire play.
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The Swiss rail fund made a 2.4% loss within its ILS portfolio.
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The comments follow an extensive inquiry into the regulation of the London market.
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The reinsurer said the third-party platform, which reached $2.2bn at the start of this year, provided capital relief and supported nat-cat capacity.
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The new platform extends RenRe’s suite of ILS and reinsurance strategies.
