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The Class A notes were sized at $28.5mn and the Class B notes at $121.5mn. -
The new fund generated 11.2% in profits for the period from 27 January to 31 October last year.
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Of $17bn that entered the market in the 15 months to 31 December, 40% was channelled into ILS vehicles.
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The firm’s flagship reinsurance strategy delivered its best performance in its 10-year history.
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Projected 2024 ILS returns remain historically high, but signs of increased appetite for top-layer cat risk and top-end retro raise questions over how long this will last.
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The renewal included $130mn from White Mountains, considerably less than the $205mn Ark’s parent kicked in for 2023.
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Munich Re has renewed the first tranche of its Eden Re sidecar for 2024, listing $28.5mn of Class A notes on the Bermuda Stock Exchange, a roughly 62% increase on last year.
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The year brought a degree of closure on the loss-hit years of 2017-2021, while the outlook remains changeable for ILS managers.
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Slade was previously president at Markel’s ILS fund manager Lodgepine Capital.
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The represents Golub Capital’s first insurance sidecar transaction.
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The cost of maintaining a team to service institutional investors does not always weigh favourably versus bringing in ILS capital.
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Swiss Re Alternative Capital Partners assets under management hit $3.3bn as of 30 September.
