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The Swiss rail fund made a 2.4% loss within its ILS portfolio.
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Fontana investors will face a short lock-up period in the sidecar’s ramp-up phase, but thereafter there will be some “embedded liquidity.”
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The new platform extends RenRe’s suite of ILS and reinsurance strategies.
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The syndicate won new backers after Credit Suisse ILS significantly scaled down support.
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The executive will oversee management liability, healthcare and casualty/specialty reinsurance.
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Downgrades are expected to be announced next week for some Florida carriers that are “already winding down”.
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The carrier has introduced a number of ESG-focused roles, which sees Cathal Carr, SVP, underwriting, appointed as global head of climate and sustainability strategy.
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The firm has refreshed its management line-up and said it would develop new low-correlation products.
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There is a tension between securing payback and negotiating higher retentions.
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Most of the losses occurred in Germany, followed by the Benelux states, the UK and France.
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The ratings were withdrawn after the reports for the full-year 2021 fell short of requirements to maintain it, Joseph Petrelli, president at Demotech said.
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Wind excess-of-loss treaties renew with gains between 2% and 5% in “underwhelming” renewal.