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The reinsurer’s retro programme was renewed at a smaller size for 2023.
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Should reinsurers retain the option of playing in ILS, or take a ‘go hard or go home’ approach?
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This came as sidecar and fund assets reached $2.9bn, up 29% year-on-year.
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The philosophy of the Pioneer Cat Bond Fund is to avoid poor performers, not pick winners.
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Lancashire recorded a net loss from Hurricane Ian of $163.3mn during the year, at the lower end of its projected range.
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The reinsurer revealed it raised money in Mt Logan at the 1 January renewal.
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The capital management platform remains active but January renewals were fronted by the balance sheet.
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The carrier has increased its retro capacity by 56% to EUR1.34bn.
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The reinsurer’s overall retro programme increased by 56% as its whole-account and cat swaps also grew.
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The CEO said the reinsurer expects to post $35mn of fee income a quarter after raising more capital.
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All four of the firm’s key third-party vehicles were profitable in the quarter.