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Markel and Pimco updated the market on their ILS plans. -
Most reinsurers lifted their exposure to major cat losses heading into 2019, with net written premiums rising further early this year, ratings agencies noted.
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Improvements to models and peril exclusions are expected to encourage growth once losses have been settled, the ratings agency said.
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The fund has had to set aside more cash in side pockets after its mid-year 2018 portfolio rolled off risk.
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This will be the first share buy-back since the firm’s investors voted for the fund to go into run-off.
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The firm’s 2019 portfolio has pushed further into specialty, US insurance and Lloyd’s risks.
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CFO Vogel says he sees no further net impact from the Japanese event after first-half loss creep.
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Reinsurers are taking modest rate increases largely by “riding on the backs of primary writers”, Chubb CEO Evan Greenberg said recently.
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The Markel co-CEO also said that “noise” around the performance of new acquisition Nephila will clear up by year end.
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Its new acquisition offset lower revenues from the Markel Catco business, which will take about three years to run off.
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The new vehicle is expected to offer a range of property retrocession products on a collateralised or rated paper basis, or combination of the two.
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The retro-focussed Upsilon fund saw limited growth, while the Medici cat bond fund attracted $107mn in new capital.
