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According to a LinkedIn post, the current head of corporate development, investments and treasury will return to BlackRock. -
The second iteration of the Bermuda sidecar has brought in additional investors.
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The first edition of the vehicle has generated fee income of $29mn to date.
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Hannover Re said it was in discussions with retro partners about buying less in 2024.
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The investment manager held its outlook at strongly overweight for cat bonds, retro and private ILS in Q4.
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The sidecar’s loss ratio improved by 139 points to 35% in the latest quarter.
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Axis set up a new casualty sidecar in the quarter.
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The carrier returned $369mn of capital to third-party investors in Q3 from investors in the Upsilon and Vermeer vehicles.
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The company’s on-risk Kilimanjaro Re cat bond volumes have been gradually shrinking in the past year.
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A strong outlook for sidecar profits in 2023 is rebuilding investor confidence but one to three years of good performance will be needed to sustain it more fully.
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Lloyd’s CFO Burkhard Keese, speaking at Guy Carpenter’s Baden-Baden Symposium, said there are $500mn-$1bn of London Bridge deals in the pipeline.
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The Bermuda-based collateralised reinsurance platform Sussex Capital was set up in December 2017 and had more than $400mn of assets at its peak.
