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The Luca Albertini-led ILS manager will become a direct subsidiary of the Japanese insurance group, rather than being held by MS Amlin. -
This came as the reinsurer’s DaVinci Re vehicle took heavy wildfire claims in Q4.
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The ILS manager’s exposure is to the start-up’s accident and health risks.
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Assets under management fell by around $5bn.
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Chris Hayward was previously head of the North American property team in the carrier’s Bermuda office.
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The size of the vehicle was not disclosed.
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The hailstorm has impacted reinsurance covers for Australian carriers.
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The Florida-based carrier renewed aggregate reinsurance covering non-hurricane losses, including a $30mn single-provider deal and a larger $85mn programme.
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The utility is facing scrutiny over its possible role in sparking the blaze, which was the most destructive in California’s history.
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The Munich Re vehicle funded by Dutch pension fund service provider PGGM has reached $400mn for 2019.
