Plenum Investments
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Key topics include private ILS growth prospects and the longevity of longtail interest. -
The figure comprises 5.48% of insurance discount margin and 3.96% of risk-free rate.
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The figure comprises 6.07% of insurance discount margin and 4.15% of risk-free rate.
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The yield figure comprises 6.53% of insurance discount margin and 4.28% risk-free.
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The total yield was 11.03% as of 27 June, including 4.3% of risk-free rate.
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Total yield was 10.93% as of 30 May, including 4.34% of risk-free rate.
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The total yield, inclusive of the risk-free rate, was down on the same period last year.
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The insurance discount margin is now at a similar level to where it was in the final week of March 2022.
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AuM remains generally flat at UCITS funds over the weeks since LA fires started.
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The UCITS cat bond segment has added 54% in AuM since Hurricane Ian.
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Hurricane Milton’s overall impact, based on the current pre-landfall scenario, could lead to “moderate losses” for Plenum’s funds.
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The strategy invests in subordinated bonds issued by European insurers.
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The ILS manager expects “minimal, if any, losses” to bonds in its funds.
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This is lower compared to 8.2% recorded by the index in H1 2023.
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The parametric structure would have paid out at slightly lower storm pressure.
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The manager’s conservative strategy posted returns of 7.61%.
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The firm told investors yields in the cat bond market are 'still very attractive'.
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The Zurich-based ILS manager has grown the fund by around 167% from $150mn as of mid-2021.
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The 2020 bond provides $125mn of parametric, per occurrence coverage.
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The fund is on course for its strongest year of returns since inception in 2014.
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The Florida hurricane season still has three months to run in a predicted above-average year.
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Hurricane Idalia will reach Jacksonville but will have weakened by then
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Tornados in the first six months of the year in the US were slightly above the 27-year average.
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The ILS fund now comes in at the 26th spot on Trading Risk’s ILS fund manager directory.
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The low-risk group of funds outperformed the high-risk funds in the month and year.
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The independent Swiss ILS firm has developed the index to help investors compare fund performance.
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The company said it expects portfolio positions to reflect the updated figures soon.
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The outcomes were better than the Swiss Re global cat bond index decline after the major hurricane.
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The cat bond specialist addressed potential losses on Florida wind-exposed bonds.
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Following Typhoon Odette in 2021, the Philippines received a $52.5mn payout, leaving $97.5mn for future storms.
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The manager’s analysis concludes some funds manage risk more efficiently than others.
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The earthquake was 250 times less strong than the 2011 Tohoku disaster.
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The fund will limit capacity to $400mn or 1.5% market share, and minimise exposure to secondary risks.
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The firm announced a gross performance of more than 10% on the fund since it was established in late May 2020.
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The firm is the first ILS platform to reveal that its funds have the new classification.
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The Insurance Capital Fund combines US wind cat bonds with subordinated debt issued by European insurers.
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The Zurich-based firm has focused on the cat bond space since launching almost two decades ago.
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Plenum’s CEO said the hire of Grieger and a SocGen credit research leader will “unleash significant potential” by adding insurance bond capabilities.
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The typhoon made landfall in central Japan on Saturday causing flooding and mudslides.
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The brouhaha over trapped ILS capital has led to the question of whether alternative collateral management solutions will emerge.
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The ILS fund manager reports that the cost of reinsurance via cat bonds is now “painfully expensive” for some cedants.
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The three fires have already destroyed 7,539 buildings, and threaten a further 15,000.
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The average second quarter returns for a group of ILS funds tracked by Trading Risk has increased to 1.36 percent, compared with 0.79 percent for the same quarter last year.
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Zurich-based ILS manager Plenum has grown its assets under management (AuM) by almost 40 percent since the start of the year, to reach $355mn at the end of April.
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The Zurich based asset manager has grown assets under management by nearly 40 percent since January.
