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January renewals were creaking into order in December after the wildfires locked up the process.
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The firm’s 2017 portfolio loss has risen 15.7 percent to 57.1 percent. -
Trapped capital will add to losses from Michael, Jebi and the wildfires.
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An annualised 5 percent loss since inception incorporates the retro fund's share price return.
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On average carriers expect to cede around half their gross losses across a range of potential peak perils.
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The firm paid out just over a third of redemption requests in November, indicating investors sought to redeem 15 percent of its share base, sources said.
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The ILS market is often presented as the player in the (re)insurance industry with the deepest pockets, with access to trillions of pension fund wealth in worldwide bank vaults.
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Only around three or four reinsurers are managing true asset management platforms, Hiscox Re & ILS chief operating officer Richard Lowther said at the Trading Risk New York Rendez-Vous.
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Former Marsh broker Richard Green has joined as regional head of the alternative risk transfer business.
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Terms of the deal were not disclosed.
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Former Aon broker Jonathan Hughes will join the firm's retrocession team, reporting to head of retro Alex Bridges.
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As the challenging operating market leads more and more reinsurers to raise third-party capital, it seems strategic benefits might be easier to come by than financial benefits, commentators have suggested.
