Stocks
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The facility will support quota share capacity with Anchor Re on behalf of SageSure carrier partners.
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The bond, which was renewed in January in its fourth deal, provides the bank with coverage for operational tail risks.
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The Canadian pension fund will retain 9.4% of the carrier’s voting shares.
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ILS managers have pioneered externally managed rated carriers, but have done so with cost-consciousness in mind.
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The MGA is seeking to double premium from $1.5bn over the next four to five years.
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The WR Berkley vehicle takes a 30% share of its reinsurance placements.
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The biggest increases came from North American hurricane and earthquake coverage, where retentions rose from $350mn to $600mn.
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The insured losses include those to private insurers as well as to the Turkish Catastrophe Insurance Pool.
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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 carrier has increased its full-year perils cost estimate to A$1.15bn.
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The reinsurer’s combined ratio fell to 87.8% in Q4 2022, improving 4 points against the prior-year quarter.
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The Bermudian reported $15mn in catastrophe losses for the quarter, down from $125mn in the same period last year.