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The firm anticipates potential growth in cyber cat ILS similar to property cat ILS post-2005. -
Assets under management in UCITS cat bond funds stood at $17.8bn as of 7 November, according to data from Plenum Investments.
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The cat bond market is on course for $56bn of notional outstanding by the end of this year.
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The outcome of Eaton Fire subrogation is an uncertainty for some vehicles.
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The two funds feed into the $892.5mn Schroder IF Flexible Cat Bond Fund.
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Japanese firm MS&AD acquired 80% of ILS manager Leadenhall Capital Partners in 2019 from another affiliate.
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The deal provides protection in Europe, after Mapfre Re’s debut bond last year covered US perils.
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The reinsurer is the second sponsor opting not to renew cyber coverage in the bond market this year.
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The shuttering of Munich Re Ventures reflected a focus on the reinsurer’s “core offering”.
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The sponsor has $140mn of cyber cat bond protection maturing in December.
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The carrier attributed the results to a significant fall in major-loss expenditure.
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The largest net individual loss was January’s California wildfires at EUR615mn.
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As the P&C market shifts, carriers are looking for growth from acquisitions.
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The reinsurer-linked manager now offers three ILS funds encompassing private ILS and cat bonds.
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The firm said this was due to planned returns of capital to ongoing investors.
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Total yield is down from 11.18% in the last week of October 2024.
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Some experienced investors are pivoting out of cat bonds and into the top layers of private ILS deals.
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The French reinsurer improved its P&C combined ratio by 7.4 points to 80.9%.
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Competition on price from traditional markets is weighing on bond market momentum.
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Majority shareholder Fosun will continue to hold the remaining 86.7% of shares.
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EMEA CEO Laurent Rousseau said reinsurance must retain its relevance to investors.
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Nine-month insured losses still exceeded $100bn due to California wildfires.
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The reinsurer stressed it “did not shy” from cat business in 2023.
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The hire is the hedge fund manager’s third ILS appointment in the past year.
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A cat-focused vehicle is “the missing piece” of Hannover Re’s ILS offerings, said Silke Sehm.
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The alternative asset manager was founded in 2021 with offices in London, New York and Abu Dhabi.
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The figure comprises 5.48% of insurance discount margin and 3.96% of risk-free rate.
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The new Verisk SCS model is increasing expected losses on aggregate bonds.
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Charles Mixon joined the firm a year ago in a business development role.
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The resource was developed by leading ILS managers and investors.
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The economic loss from the event was around EUR7.6bn.
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The ILS manager has $6.8bn in assets and will be led by MariaGiovanna Guatteri.
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Axa IM’s acquisition by BNP Paribas was confirmed in July this year.
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Nick Fallon is the latest in a string of retro-broker moves in the market.
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Victory Pioneer Cat Bond Fund also added assets in the past month.
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Arch set up Bermuda investment manager Arch Fund Management in February.
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The syndicate is targeting capital allocation for 1 January, the company confirmed.
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Terms are expected to hold, underpinning the stronger recent performance of reinsurers.
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The figure comprises 6.07% of insurance discount margin and 4.15% of risk-free rate.
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He added that Munich Re does not rely on retro or third-party.
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Hannover Re Capital Partners is in talks with two investors for 1 January launch.
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The target allocation to Munich Re, Elementum and the run-off AlphaCat funds fell in the year to 30 June 2025.
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The trend for private credit in alternative asset management is “set to continue”.
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The capital supported sidecar-style syndicates and reinsurance start-ups.
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The agency noted inflows to cat bond funds and investor interest in private ILS.
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Dedicated reinsurance capital is on track to increase by 8% in 2025, the broker said.
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The firm has also updated the loss-calculation engines of existing Jeannie tools.
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Last year marked the second consecutive year in which carriers made a positive return.
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Benjamin Baltesar spent more than six years at Euler ILS.
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The P&C division booked a combined ratio of 81.1% for the first half of 2025.
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The reinsurer plans to repeat its 2025 purchasing for property and specialty protections.
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The firm booked net losses from the LA wildfires of EUR615.1mn in the first half.
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The reinsurer’s chair said cat pricing reductions are at a “miniscule level”.
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The yield figure comprises 6.53% of insurance discount margin and 4.28% risk-free.
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Around 95% of the Hiscox Re & ILS portfolio is rated rate “adequate” or better.
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The unit said capital in the ILS market remains more than adequate to meet rising demand.
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The new team will be headed by Brown & Brown’s Ed Byrns.
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Scor's CEO said the P&C market had experienced a “competitive” first half.
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Insured losses produced the second highest first-half tally since records began in 1980.
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The merged business of Twelve Securis ranked third among ILS managers for AuM, behind Fermat and RenRe.
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The figure updates an April estimate of EUR696mn.
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Cat bond broking growth contributed to 6% organic growth in reinsurance.
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The consultation period around UK ISPVs was opened in November last year.
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The proposed reforms are designed to put the UK’s regulatory framework on par with Bermuda and the US.
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CFO Christoph Jurecka will succeed as management board chair.
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The broker has nearly 20 years of experience in the reinsurance and retro markets.
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The carrier reported preliminary profits of EUR2.1bn, driven by “very low” major-loss expenditure in P&C re.
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Managers believed end-investors value diversification and non-correlation of cat bonds over liquidity.
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Matthew Towsey has spent 14 years at Aon.
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The PRA will also have to report on turnaround time for new approvals against 10-day and six-week targets.
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He had spent 10 years at Securis, with seven of them as COO.
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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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The recommended “AIF lite” structure could be suited to cat bond lites.
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The Bermudian ILS manager has recently changed its name from Mereo Advisors.
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The fund’s ILS portfolio is split between 70% property cat and 30% cyber risk.
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Property cat-focused sidecar capital was up by approximately 10% in H1.
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The sidecars will provide capacity for reinsurers and large insurance carriers.
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Initial responses to ESMA’s report welcomed the long timeframes for any changes.
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The total return for the Swiss Re Global Cat Bond Index stood at 0.61% for the month.
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The body said cat bonds are closer to an insurance product than a security.
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The awards celebration took place at the Hilton Bankside on 25 June.
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Twelve Securis is now a challenger for the top spot on the Insurance Insider ILS leaderboard.
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M&A and shifts in distribution arrangements bring risks and opportunities.
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The fund lists Twelve, Swiss Re and Cambridge Associates as managers.
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AuM in GAIA Cat Bond Fund had grown to $3.9bn as of 31 May.
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In 2024, MGA GWP reached approximately $20bn in Europe.
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The man is alleged to have conspired with others to falsify LOCs and collateral letters.
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The loss has decreased by 0.3% since the company’s third assessment.
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The investment is a response to shifts in stock-bond correlations.
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The fund was set up 18 months ago by cat bond investor Florian Steiger.
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Total yield was 10.93% as of 30 May, including 4.34% of risk-free rate.
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This followed a $650mn fall in April, after management change of the fund.
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Lyon joins the reinsurance broker from law firm Skadden, Arps, Slate, Meagher & Flom.
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The index provider revised up its return for March by 0.39 percentage points to 1.21%.
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The Swiss pension fund has not disclosed an ILS allocation before.
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The Italian sponsor has $237mn of limit maturing this July.
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The group reported an 89.7% combined ratio for the quarter.
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The bond will provide named storm and quake coverage in the US.
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One dollar-denominated deal has opted to hold collateral in EBRC notes.
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The reinsurer had $2.8bn of natural catastrophe business up for renewal in the year so far.
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Debut sponsor SV SparkassenVersicherung also secured its target size of $100mn.
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The headcount at the start-up now stands at around 40.
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Wildfire losses from fronting and ILS activities were EUR438mn.
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Sources believe the market will grow gradually over years after its initial cluster of dealmaking.
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The (re)insurer used alternative capital in the reinsurance coverage.
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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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CEO Thierry Léger expects overall P&C pricing to be “stable” through 2025.
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Fermat and GAM announced that the former will take sole control of the GAM FCM Cat Bond Fund.
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Investors want transparency from managers regarding the impacts of climate change.
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The buzz in the air at ILS Connect told of a market entering its next growth phase.
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Commutations need to be optimal for the sponsor and the investor to avoid sponsors taking back chunky risks.
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The CEO said private ILS funds can generate additional returns of 10%-20%.
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Richard Pennay also addressed the dip in cyber ILS activity.
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The renewal and upsizing of the Trouvaille E&S sidecar highlighted the market’s potential.
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Private ILS would benefit from extension spreads to manage investor concerns, the CEO argued.
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The unit’s premium reduced by 4% for the first quarter.
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Growing economic and population exposures are driving potentially larger insured losses.
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Investor interest and capital flows point to potential for ILS proliferation.
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Six weeks after the storm, Perils released its first industry-loss estimate at EUR619mn.
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The bond will provide protection against German and Japan quake.
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This year’s ceremony will include the inaugural Women in ILS Award presentation.
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The carrier announced a major writedown in its L&H book last year.
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Sykes has spent over 31 years with Aon, with the last 15 of those in Guernsey.
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He joined what was then Credit Suisse ILS in 2019, moving from Hiscox Re & ILS.
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The executive formerly served in senior leadership roles at Nomura, Credit Suisse and Goldman Sachs.
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Fellow Swedish pension fund AP3 is phasing out its ILS allocation after being active in the sector since 2008.
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The Swiss rail pension scheme has been cutting its ILS allocation since 2018.
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The Swiss pension fund’s ILS allocation stood at 4.9% of the total fund as of 25 March.
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Fees on the GAM Star cat bond funds will drop in May in a recognition of fee competition in the market.
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The asset manager has hired Rom Aviv as head of ILS.
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Markets have taken a battering across the globe following the “Liberation Day” announcement.
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The reinsurer said the probe concerns the alleged involvement of its former chairman.
