Reinsurance

Sang Hun Park previously spent nine years at Allianz before joining Munich Re as a senior origination manager in August 2021.

The transaction builds on a $1.15bn first-of-its-kind hybrid bank and ILS capital deal in April last year.

The deal provides collateralised backing for Riverstone’s mammoth £1.2bn reinsurance-to-close deal struck for MS Amlin and other transactions.

The Italian group previously halted writing catastrophe excess-of-loss business.

The capital management platform remains active but January renewals were fronted by the balance sheet.

The carrier has increased its retro capacity by 56% to EUR1.34bn.

The Zurich-based ILS manager has entered a partnership with the new life ILS firm set up by former Securis CUO Paul Whiting.

More retrocession capacity is likely to be deployed during 2023 as pricing holds up across the primary, reinsurance and retro markets, according to Conduit Re.

The executive chairman has sold around half of his holding back to the company.

For the ILS market, perhaps more than any other, the outcome of this year’s high inflation is still to be determined. Unlike other industries that are suffering increased immediate costs, this sector’s performance – as always – is ultimately driven by events no one can foresee.

The intermediary recorded “one of the hardest reinsurance markets in living memory” as primary rate increases slowed.

The exit highlights increasingly difficult conditions in the retro and reinsurance markets.