Stone Ridge Asset Management
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The legacy cover will backstop policies written by its North American insurance business. -
The manager’s largest ILS holding is in the cat-bond-heavy High Yield fund.
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The fund was set up in 2015 to capitalise on higher post-event yields.
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Most of the ILS investments were made via the cat bond heavy High Yield Fund.
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ILS investors’ stress over Gibson Re is unlikely to inhibit legacy ILS’s future.
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The deal economics take into account the investment return that Longtail Re can leverage.
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The manager’s ILS allocation has grown by 16% since 31 October 2023.
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The asset manager’s flagship ILS funds posted stellar returns for its 2023 fiscal year.
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The firm’s flagship reinsurance strategy delivered its best performance in its 10-year history.
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The cat bond fund posted returns of around 10.75% for the first six months of Stone Ridge’s financial year.
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The former chairman and CEO of New York Life will support the asset manager in developing strategies that harness longevity pooling.
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The transaction is the first proportional deal for cyber risk in the capital markets.
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The asset manager’s reinsurance funds shrank 17% in its fiscal year to end October to reach $2.6bn.
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Flagship sidecar funds run by Stone Ridge and Amundi Pioneer lost 12% and 5% respectively last week.
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The ILS manager’s half-year report showed significantly lower holdings with Everest Re, as much of its portfolio has gone private.
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The segment’s lustre has been dulled by losses and capital trapping.
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The fund’s prospectus showed 2017 was its only negative year since 2014.
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The cat bond-focussed High Yield fund made a smaller annual gain of 2.2% but drew in more investors.
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The more cat bond focussed vehicle added just under $300mn in the half-year.
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Hank Greenberg’s Starr Insurance and Liberty Mutual have invested in the service provider, which will enable bitcoin-powered P&C solutions.
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The news follows the reinsurer’s announcement that the executive would step down from his role at the end of April.
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The ILS manager offered to repurchase 20% of Interval fund shares, but this failed to meet investor demand to exit.
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Net assets across the manager’s interval and high-yield reinsurance funds totalled $3.82bn at 31 October, down 31% from a year earlier.
