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State National has been lined up to front for the vehicle, which would be a rare example of third-party capital in this space. -
Reinsurers are much better placed to absorb cat losses; insurers are carrying more risk.
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The Sussex Capital ILS platform managed $440mn at its 2019 peak.
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The capital will be allocated to a pure cat bond strategy, sources have confirmed.
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The former Neuberger Berman managing director confirmed the new role in a LinkedIn post.
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The carrier also reported a $16mn satellite loss during the quarter.
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Over Q1, the loss ratio improved by 34.6 points year on year to 43.7%.
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The firm’s AuM was down 17% on $1.8bn as of 31 December.
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The fund has a strong focus on cedant quality and transaction structures.
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Aspen said reduced reinsurance appetite made it a good time to seek alternative capacity.
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The reinsurer said it hopes to grow the size of the $13.75mn deal over time.
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The value of White Mountains’ stake in the ILS manager grew last year despite the firm shrinking its holding.
