Lancashire Capital Management
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His role change — following that of LCM leader Darren Redhead in 2021 — raises questions over the firm’s future ILS strategy. -
The industry’s ability to draw new capital will hinge on the outcome of the Atlantic hurricane season.
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Reinsurer-owned ILS platforms were challenged to grow fee income in a tough year for nat cat losses and as cat market economics shifted.
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Should reinsurers retain the option of playing in ILS, or take a ‘go hard or go home’ approach?
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A difficult fundraising environment had not eased during 2022.
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Lancashire recorded a net loss from Hurricane Ian of $163.3mn during the year, at the lower end of its projected range.
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The capital management platform remains active but January renewals were fronted by the balance sheet.
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The CEO said reduced ILS appetite was a “net positive” for the carrier.
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The insurer took a larger H1 gain from its ILS platform year on year, but fee income has dropped.
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The ILS vehicle delivered a loss of $3.9mn to the parent group.
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The hire comes after the intermediary agreed to buy Bermudian business Foram.
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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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