Stocks

Primary writers of homeowners and commercial property are exposed, while reinsurers could face wildfire losses.

As part of a restructuring, Vesttoo is liquidating its collateralized insurer in Bermuda, but continues to operate its branches in New York, London and other territories.

The firm earned higher fees off the back of growth in insurance premiums ceded to reinsurers, as premiums ceded to third-party capital partners declined.

The reinsurer recorded net income of $1.9mn, helped by a reduction in losses and loss adjustment expenses.

The firm has moved to defend its plans against a rival strategy supported by a small group of investors.

Some sources have called for more transparency on secondary trades, though others note the buy-and-hold nature of the market limits trading appetite.

The cat bond fund posted returns of around 10.75% for the first six months of Stone Ridge’s financial year.

The Australian carrier has also renewed a five-year whole-account quota share with Hannover Re.

The CEO received $3.9mn in shares alongside his salary and bonus.

The aim was to provide proof of concept for the securitised tokens.

Chris Parish was previously portfolio management and funds team leader at Nephila Capital.

The programme was "oversubscribed on all dimensions”, the company said.