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ILS accounted for 2.5% of the pension fund’s total AuM. -
Aaron Garcia will hold a senior role at the operation, sources have confirmed.
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The vehicle will support Platinum Specialty Underwriters, XPT Group’s MGA underwriting unit.
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The lawsuit is the latest development in the multi-billion dollar reinsurance scandal.
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The firm’s ILS vehicles posted low single-digit growth in assets under management in Q2.
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The reinsurer plans to repeat its 2025 purchasing for property and specialty protections.
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ILS investors have fought shy of multi-peril aggs due to low confidence in SCS modelling.
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The reinsurer’s chair said cat pricing reductions are at a “miniscule level”.
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The sidecar took $19mn of cat losses relating to the California wildfires.
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The yield figure comprises 6.53% of insurance discount margin and 4.28% risk-free.
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The Texas insurer of last resort previously had to have funding for a 1-in-100 year storm.
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In Q2 last year, Everest ceded $26mn in losses to Mt Logan.
