Reinsurers
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The sidecar was launched today by the Bermudian reinsurer and investment firm Carlyle. -
The capital will provide retro cover for life-focused reinsurer Fortitude Re.
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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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The reinsurer stressed it “did not shy” from cat business in 2023.
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The carrier will continue to write assumed retro in Bermuda.
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Newsom has yet to sign a pending bill to create a public cat model.
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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 insurer of last resort currently has $2.15bn of cat bond protection on risk.
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Toh joins from Nephila, where he spent the last decade, bringing expertise in ILS.
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It is understood around $1bn of premiums could be ceded to the proposed vehicle.
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The facility will initially focus on US, Bermudian and European business.
