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The ILS Capital Management managing partner also sees opportunities in taking business from Lloyd’s. -
The Reinsurance Opportunities Fund also repurchased $43.4mn of shares in September.
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Reconstruction in the ILS market continues, with ongoing concerns about investor sentiment, capacity growth and the impact of retro rates
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Christopher Harris, who also held senior positions at Montpelier Re, has made the move to Hudson Structured Capital Management's advisory board.
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The firm is “far from a start-up” according to head of ILS business Rick Pagnani.
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A slew of new retro vehicles were mooted at the Monte Carlo Rendez-Vous and existing players are keen to expand.
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The retro market needs to deliver better transparency to attract investors, but a roundtable of senior executives was split on the outlook for the roughly $20bn market.
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Ratings agencies remain positive on reinsurers boosting their use of retrocession to grow, despite this year’s capacity crunch in the retro segment.
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The banking fund’s ILS investments have increased as fellow UK investor IBM Pensions Trust keeps its allocation steady.
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The carrier launched the retrocessional ILS fund this month with Andrew Barnard as CEO.
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Markel and a new venture from ex RenRe exec Eklund are also tapping up investors.
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Participants predicted the rate pressure that has been centred on Japan and Florida would have a broader spill-over next year.
