Reinsurer managers
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The firm said it expects Capital Partners to continue to grow.
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The firm said it was poised to build on ‘significant growth’ in 2023.
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Chris Parry said the denominator effect remains a suppressant on ILS inflows after a strong phase of returns.
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The firm is focusing on developing specialty offerings.
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Risk partnerships will now report direct to the board through the CFO.
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Pockets of new capital will not shift pricing at mid-year.
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Insured losses from the Christmas storms reached $968mn.
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The vehicle is 52% larger than it was at launch 3 years ago
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The Medici cat bond fund experienced the largest growth in AuM.
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The sidecars segment has been attracting inflows after returns hit a high note in 2023.
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Projected 2024 ILS returns remain historically high, but signs of increased appetite for top-layer cat risk and top-end retro raise questions over how long this will last.
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Slade was previously president at Markel’s ILS fund manager Lodgepine Capital.
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AuM stood at $1.5bn as of 30 September, up from $1.2bn as of January 2023.
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Axis set up a new casualty sidecar in the quarter.
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Primary market, reinsurance and ILS will all need to prove themselves before capital flows back in, said LCM CEO Paul Gregory.
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The reinsurer’s ILS vehicles delivered returns of $174.9mn to investors during the quarter, with improved returns from PGGM joint venture Vermeer and the Medici cat bond fund.
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The New York-based executive had been one of the firm’s co-heads of ILS, leading on investor relations and sales.
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The ILS expert had joined as a portfolio manager in 2018 from Ontario Teachers’ Pension Plan.
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Reinsurer-owned ILS platforms were challenged to grow fee income in a tough year for nat cat losses and as cat market economics shifted.
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Should reinsurers retain the option of playing in ILS, or take a ‘go hard or go home’ approach?
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The capital commitments to the vehicle have expired.
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The new firm has registered Jireh Re (SAC), an unrestricted special purpose insurer, with the Bermuda Monetary Authority.
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Some firms have fared better than others in the competition to raise funds during the year.