Swiss Re

Swiss Re has increased the capacity of its Sector Re sidecar to $670mn, despite a tightening of the wider retro market.

The reinsurer has expanded its retro sidecar by more than a quarter from the previously estimated size of $531mn.

The executive said placing one of the first Singaporean cat bonds had gone smoothly.

The reinsurer’s Corporate Solutions division posted a $55mn loss for the period.

Natural catastrophes account for $76bn of the total.

The reinsurer’s P&C unit fell to an underwriting loss for 2018 after $2bn of catastrophe losses.

The insurer pinpoints that aggregate transactions and structures exposed to perils with less robust catastrophe models will be most affected.

Cat bond prices in the secondary market have begun recovering following a pre-Christmas sell-off, as investors sought to release capital ahead of the renewal, brokers said.

The ILS manager also revealed more detail on the limits written through MS Amlin.

The Luxembourg entity will provide trading continuity for its ILS and weather derivatives business after Brexit.

Marvin Pestcoe replaces Craig Fowler who was appointed CEO of the start-up in March.

The loss came in higher than Morgan Stanley analysts expected.