ILS
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The business acts as a transformer, allowing traditional asset managers the chance to participate on collateralised (re)insurance transactions. -
With investors’ decision-making increasingly influenced by ESG concerns, the ILS industry is grappling with the challenge of how best to articulate its credentials.
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There was a 13 percentage point spread in performance amongst index participants, the highest in the past year.
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The firm’s co-CEO Richie Whitt said the firm might also consider growing its retro portfolio.
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The new retro fund launched with $98.9mn after an extended development phase.
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The reinsurer had previously signalled it would grow its net reinsurance portfolio after deploying less third-party capital.
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GC Securities’ Cory Anger said using capital freed up from ILS transactions for ESG investing could become a hallmark of future green deals.
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Darren Redhead, head of Lancashire Capital Management, said he thought an uplift in industry ILS capacity was “a bit of a one-off" due to Covid-19 releases.
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The collapse of the Aon-Willis deal will have no noticeable impact on the ILS broking business, as the market waits to see what the fate of the Willis Re team will be.
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It’s been a year of high turnover in general, but the ILS low-cost operating model can become a disadvantage in managing through such disruption.
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The broker said ILS capital had reached $96bn at the end of Q1.
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It took year to date private cat bond volumes up to $580mn, according to Trading Risk data.
