Reinsurance

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.

Markel Catco investors must be prepared to take a critical look at some of the statements in the company’s half-year report.

Scor assumed 100 percent of the risk written by the insurer.

C shareholders in the Catco Reinsurance Opportunities Fund, who are not exposed to the 2017 losses, saw a return of 6.31 percent for H1 2018 amid low catastrophic activity during the period.

Darren Bailey has been hired by the legacy insurer in a business development role for the firm’s M&A team.

The reinsurance deal covers $700mn of liabilities.

The German reinsurer ceded 31 percent of its EUR134.8mn of gross major losses to retro partners in the first half.

AIG has sold a 19.9 percent stake in its new legacy vehicle DSA Re to private equity house Carlyle Group as part of a larger effort to build the vehicle into a standalone legacy acquirer.

The retro manager’s assets under management reached $6.5bn at the end of June, including trapped capital.

A Northshore Re cat bond and a one-off deal with third-party capital partners have helped Axis to reduce its catastrophe exposures.

A dearth of underwriters able to price longevity risk in what has turned out to be a robust year for longevity swaps is stalling the UK market, according to Amy Kessler, senior vice president and head of longevity risk transfer at Prudential.

The latest increase in PCS figures for hurricanes Harvey and Irma means that US wind aggregate industry loss warranties (ILWs) that trigger at $30bn have been hit, Trading Risk sources said.