Amundi Pioneer
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Victory Pioneer Cat Bond Fund also added assets in the past month. -
The fund was renamed from the Pioneer Cat Bond Fund.
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Liquid alternative strategies accounted for around $1.4bn of the total.
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The fund has a strong focus on cedant quality and transaction structures.
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The new fund generated 11.2% in profits for the period from 27 January to 31 October last year.
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Campbell Brown leaves Amundi after nearly five years.
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The philosophy of the Pioneer Cat Bond Fund is to avoid poor performers, not pick winners.
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Quota shares, collateralised re, ILWs and event-linked swaps will also form part of the offer.
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Flagship sidecar funds run by Stone Ridge and Amundi Pioneer lost 12% and 5% respectively last week.
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Its half-year gain was down slightly from 1.43% in the prior year period.
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The firm’s ILS director Chin Liu said the half-year period was fairly quiet for catastrophe events.
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The company’s remaining underwriting teams will transfer to San Diego-based MGA platform K2.
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The deal will transfer the four remaining underwriting teams including property cat reinsurance to the US firm.
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Peak Re will continue to provide capacity.
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Pioneer Underwriters said the cost of the syndicate structure was no longer economically efficient when compared with its other capital arrangements.
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The Amundi Pioneer fund’s value dropped to $819.9mn at the end of July.
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Recent hire Andrew Souter is believed to be leading the evolution in the company’s capital sourcing and structure.
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The final couple of months of 2018 brought further pain for sidecar investors.
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The ILS Interval Fund had suffered a 4.95 percent loss for the same reporting period last year.
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Heading into 2018, the fund's returns stabilised with few new weather events occurring.
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These days almost all reinsurers are officially aboard the ILS bandwagon. But is all ILS capacity created equal?
