ILS

The former Peak Capital CEO has left the ILS platform he set up.

The insurer has a previous history of buying earthquake reinsurance cover from the ILS market.

It will also encompass impact investment manager BlueOrchard, although the microfinancier will keep its independent identity.

Initially, negotiations are likely to be led by risk takers but there could be a case to model a future role for service providers.

Nephila was the biggest provider on the 2021 reinsurance programme for Florida Citizens as it wrote a total line of $601mn, comprising 36% of the state-run insurer’s $1.65bn placed private traditional limit.

The executive had previously been the head of third-party capital at Axis.

It was the first gain for April in the past four years, as year to date performance scraped into positive territory.

The ILS vehicle has support from four key providers and will be launched alongside a broader offering including K&R, fine art and other specialty risks.

The standards board set out its guidance for ILS managers seeking to isolate volatile assets in a memo published at the start of May.

The firm, which markets Fermat-managed ILS funds, did not specify the size of the new investor commitment.

The funds made a $93.9mn loss in 2019, ahead of a leadership changeover at legacy adviser Armour.

The loss portfolio transfer gave an exit solution to investors in the ILS-backed legacy fund.